The Toronto-based group retirement provider said Monday the round was backed by Canadian investors including Richard Rooney, former CIO of Burgundy Asset Management, and Jim Keohane, former CEO of Healthcare of Ontario Pension Plan. Other investors including Broadbent group, Good & Well and AgeTech Capital also participated. (The Logic) 

Talking point: Common Wealth provides digital workplace retirement plans for small and mid-sized employers and said it plans to use the funding to expand distribution and enhance its proprietary platform and AI capabilities. The company said its employer base has tripled since early 2024 to more than 1,500 companies, while individual membership has grown 3.5 times and assets under administration have quadrupled. More than nine million Canadian private-sector workers lack access to a workplace retirement plan, according to the C.D. Howe Institute, highlighting the market gap Common Wealth is targeting. In a press release, co-founder and CEO Alex Mazer said the platform is built for people “who’ve been left behind by a legacy industry built for big employers and wealthy people.”