Corporate filings show the Montreal-based materials startup and its tights unit Sheertex have both appointed Omar Mourad, a private equity director at Investissement Québec (IQ) and Alexandre Aubrey, a managing partner at Export Development Canada (EDC) as new directors. The two companies also both dropped the same six existing directors. SRTX did not respond to a request for comment. (The Logic)
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Corporate filings show the Montreal-based materials startup and its tights unit Sheertex have both appointed Omar Mourad, a private equity director at Investissement Québec (IQ) and Alexandre Aubrey, a managing partner at Export Development Canada (EDC) as new directors. The two companies also both dropped the same six existing directors. SRTX did not respond to a request for comment. (The Logic)
Talking point: The firm is in the midst of closing US$40 million in financing from existing investors, led by IQ, EDC, the Business Development Bank of Canada (BDC) and H&M Group. As The Logic first reported, SRTX had been at risk of imminent bankruptcy if it had not secured new funding. Founder Katherine Homuth stepped down as CEO as a condition of the new round. BDC Capital managing partner Michelle Scarborough and H&M legal manager Maria Celinder will keep their seats on the new SRTX board. In addition to Homuth, departing directors include ArcTern Ventures managing partner Murray McCaig and G2 Venture Partners partner Zachary Barasz, whose sustainability-focused funds had previously invested in SRTX. Others exiting the board are former Juno CEO Heather Payne, Goodfood CEO Jonathan Ferrari and OTI Lumionics CEO Michael Helander.
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