Companies · Other

iANTHUS CAPITAL HOLDINGS, INC.

TORONTO · Other

Diligence memoA one-page analyst read on iANTHUS CAPITAL HOLDINGS, INC. — recommendation, valuation, rhythm, risks.
$165.6M
Total raised · real
20
Rounds
5.3×
Latest step-up
Top 3%
Sector rank · raised
Recurring offerings
Latest stage · inferred · Fri Mar 15 2019 00:00:00 GMT+0000 (Coordinated Universal Time)

iANTHUS CAPITAL HOLDINGS, INC. has raised $166M over 20 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Program ended
  • Last raise 7.3 yr ago; this sector typically re-raises about every 11 months.
  • For a recurring offering issuer, long silence usually means the offering program is inactive or ended; it is not proof the legal entity is defunct.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Recurring offering issuerhigh confidence

iANTHUS CAPITAL HOLDINGS, INC. behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Program-like
Frequent filings and follow-ons read more like a securities offering program than discrete startup rounds.
Lifecycle
9.9 yr record
Peak capital year was 2018 with $153.6M across 16 filings.
Market position
ahead of 98% of Other peers
Capital scale is ahead of 98% of Other peers; modeled value is above 93% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Lower applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Needs review
Row-level filing totals differ from canonical totals, so amendment/superseded filtering should be checked.
What triggered this
  • 26 dated financing filings, averaging about 1 months apart.
  • Legal name looks like an issuer vehicle rather than a product company.
  • Sector is still broad/Other, so operating comparables are weak.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2018: $153.6M across 16 filings.
  • Largest single filing was $40.0M on 2018-05-14.
  • Filing rows sum to $204.2M, while canonical raised total is $165.6M; likely amendments/superseded rows are mixed into the detail view.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
  • Canonical filtering should be tightened before using row-level totals for diligence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other

iANTHUS CAPITAL HOLDINGS, INC. is one of 25015 Other companies tracked from TORONTO. By capital raised it ranks among the largest (ahead of 98% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
3
Investors (latest)
2019-03-15
First sale
Amount raised vs valuation, by year

This issuer has a dense recurring filing history, so the chart groups filings by year. Solid bars are annual reported capital reported; hatched bars show the latest modeled value est. observed in that year. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Annual capital raised · realLatest value in year · estCumulative funded · real

Dense history compressed: 26 filings shown as 4 yearly buckets. Hover a bucket for filing count, annual capital, and latest modeled value.

$0$125M$250M$375M$500M2016: 2 filings Raised $10M total (real) Latest modeled valuation $17M (est)20162 filings2017: 5 filings Raised $8.5M total (real) Latest modeled valuation $29M (est)20175 filings2018: 16 filings Raised $154M total (real) Latest modeled valuation $2.7M (est)201816 filings2019: 3 filings Raised $32M total (real) Latest modeled valuation $442M (est)20193 filings+$8.5M+$154M+$32MCumulative $204M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps

This looks like a recurring offering series, so a VC stage ladder would be misleading. Showing the filed offering sequence instead.

Initial offering$9.0M · 2016
Follow-on offering$1.1M · 2016
Follow-on offering$780K · 2017
Follow-on offering$3.0M · 2017
Follow-on offering$566K · 2017
Follow-on offering$2.2M · 2017
Follow-on offering$1.9M · 2017
Follow-on offering$30.5M · 2018
Follow-on offering$20.0M · 2018
Follow-on offering$12.6M · 2018
Follow-on offering$12.5M · 2018
Follow-on offering$8.0M · 2018
Follow-on offering$12.5M · 2018
Follow-on offering$1.3M · 2018
Follow-on offering$4.1M · 2018
Follow-on offering$10.0M · 2018
Follow-on offering$40.0M · 2018
Follow-on offering$342K · 2018
Follow-on offering$588K · 2018
Follow-on offering$420K · 2018
Follow-on offering$120K · 2018
Follow-on offering$475K · 2018
Follow-on offering$160K · 2018
Follow-on offering$483K · 2019

Showing first 24 of 26 filings to keep the sequence readable.

Modeled valuation trajectory
$441.8M
Base estimate est.
$66.5M
Conservative case
$1.7B
Upside case
$147.7M
Modeled post-money

This issuer files recurring offerings, so the model treats stage labels as a loose sizing heuristic, not a clean VC ladder. The estimate anchors on reported filing amounts and dates, then applies benchmark dilution, survival, and markup assumptions. Directional, not a quoted figure.

Series A · modeled $136.2M · 2016-08-122016Series A · modeled $16.8M · 2016-11-18Series A · modeled $11.8M · 2017-10-11Series A · modeled $45.4M · 2017-10-11Pre-Seed · modeled $13.1M · 2017-10-11Series A · modeled $33.7M · 2017-11-21Series A · modeled $28.6M · 2017-11-21Series B · modeled $506.8M · 2018-01-17Series B · modeled $332.3M · 2018-01-17Series B · modeled $208.7M · 2018-02-01Series A · modeled $188.5M · 2018-02-01Series A · modeled $121.5M · 2018-02-01Series A · modeled $188.8M · 2018-02-01Series B · modeled $22.0M · 2018-03-02Series B · modeled $68.3M · 2018-04-10Series B · modeled $166.1M · 2018-05-14Series B · modeled $664.6M · 2018-05-14Series B · modeled $5.7M · 2018-06-26Series B · modeled $9.8M · 2018-10-10Series B · modeled $7.0M · 2018-10-29Pre-Seed · modeled $2.8M · 2018-10-29Series B · modeled $7.9M · 2018-11-09Series B · modeled $2.7M · 2018-11-27Series B · modeled $8.0M · 2019-01-24Series A · modeled $75.7M · 2019-03-15Series B · modeled $441.8M · 2019-03-152019
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
68%
Survival probability
45% low · 83% high
1.28×/yr
Annual markup
1.55×/yr upside case
6.0 yr
Elapsed time used
7.3 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
1 mo
Avg between rounds
$64.0M/yr
Capital velocity
9.9 yr
On record since
2016
First round
26
Rounds on file
How it compares to the market

Benchmarked against 25015 companies in Other. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 81× above median
This company$165.6M
Sector median$2.0M
Modeled value — vs sector median (estimate, all stages) 25× above median
This company$441.8M
Sector median$17.7M

Raised more than 98% of sector peers (real $). Modeled value above 93% of peers (estimate).

Full financing history

This issuer files too frequently for VC stage labels to be meaningful, so rows are shown as initial/follow-on offerings est. instead of Pre-Seed/Seed/Series buckets.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Initial offering$9.0M2016-08-12$40.9M$136.2M90%
Follow-on offering$1.1M2016-11-18$5.1M$16.8M90%
Follow-on offering$780K2017-10-11$3.5M$11.8M90%
Follow-on offering$3.0M2017-10-11$13.6M$45.4M90%
Follow-on offering$566K2017-10-11$3.1M$13.1M90%
Follow-on offering$2.2M2017-11-21$10.1M$33.7M90%
Follow-on offering$1.9M2017-11-21$8.6M$28.6M90%
Follow-on offering$30.5M2018-01-17$169.4M$506.8M90%
Follow-on offering$20.0M2018-01-17$111.1M$332.3M90%
Follow-on offering$12.6M2018-02-01$69.8M$208.7M90%
Follow-on offering$12.5M2018-02-01$56.6M$188.5M90%
Follow-on offering$8.0M2018-02-01$36.5M$121.5M90%
Follow-on offering$12.5M2018-02-01$56.7M$188.8M90%
Follow-on offering$1.3M2018-03-02$7.4M$22.0M90%
Follow-on offering$4.1M2018-04-10$22.9M$68.3M90%
Follow-on offering$10.0M2018-05-14$55.6M$166.1M90%
Follow-on offering$40.0M2018-05-14$222.2M$664.6M90%
Follow-on offering$342K2018-06-26$1.9M$5.7M90%
Follow-on offering$588K2018-10-10$3.3M$9.8M90%
Follow-on offering$420K2018-10-29$2.3M$7.0M90%
Follow-on offering$120K2018-10-29$667K$2.8M90%
Follow-on offering$475K2018-11-09$2.6M$7.9M90%
Follow-on offering$160K2018-11-27$889K$2.7M90%
Follow-on offering$483K2019-01-24$2.7M$8.0M90%
Follow-on offering$5.0M2019-03-15$22.7M$75.7M90%
Follow-on offering$26.6M2019-03-15$147.7M$441.8M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Initial offering$9.0M2016-08-12
    • First recorded raise — entered as Initial offering.
    • 8 investors on this round.
  2. Follow-on offering$1.1M2016-11-18
    • Came back fast: 3 mo vs the ~11 mo sector norm.
    • Round 8.1× smaller than the prior — bridge or down round.
    • 27 investors on this round.
  3. Follow-on offering$780K2017-10-11
    • Raised 11 mo later, in step with the ~11 mo sector norm.
    • Round 1.4× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  4. Follow-on offering$3.0M2017-10-11
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 3.8× larger than the prior — scaling up.
    • 4 investors on this round.
  5. Follow-on offering$566K2017-10-11
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 5.3× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  6. Follow-on offering$2.2M2017-11-21
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 3.9× larger than the prior — scaling up.
    • 20 investors on this round.
  7. Follow-on offering$1.9M2017-11-21
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 5 investors on this round.
  8. Follow-on offering$30.5M2018-01-17
    • Came back fast: 2 mo vs the ~11 mo sector norm.
    • Round 16.1× larger than the prior — scaling up.
    • 72 investors on this round.
  9. Follow-on offering$20.0M2018-01-17
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.5× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  10. Follow-on offering$12.6M2018-02-01
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.6× smaller than the prior — bridge or down round.
    • 57 investors on this round.
  11. Follow-on offering$12.5M2018-02-01
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 54 investors on this round.
  12. Follow-on offering$8.0M2018-02-01
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.6× smaller than the prior — bridge or down round.
    • 16 investors on this round.
  13. Follow-on offering$12.5M2018-02-01
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.6× larger than the prior — scaling up.
    • 56 investors on this round.
  14. Follow-on offering$1.3M2018-03-02
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 9.4× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  15. Follow-on offering$4.1M2018-04-10
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 3.1× larger than the prior — scaling up.
    • 8 investors on this round.
  16. Follow-on offering$10.0M2018-05-14
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 2.4× larger than the prior — scaling up.
    • 2 investors on this round.
  17. Follow-on offering$40.0M2018-05-14
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 4.0× larger than the prior — scaling up.
    • 2 investors on this round.
  18. Follow-on offering$342K2018-06-26
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 116.9× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  19. Follow-on offering$588K2018-10-10
    • Came back fast: 3 mo vs the ~11 mo sector norm.
    • Round 1.7× larger than the prior — scaling up.
    • 5 investors on this round.
  20. Follow-on offering$420K2018-10-29
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 1.4× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  21. Follow-on offering$120K2018-10-29
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 3.5× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  22. Follow-on offering$475K2018-11-09
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 4.0× larger than the prior — scaling up.
    • 1 investor on this round.
  23. Follow-on offering$160K2018-11-27
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 3.0× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  24. Follow-on offering$483K2019-01-24
    • Came back fast: 2 mo vs the ~11 mo sector norm.
    • Round 3.0× larger than the prior — scaling up.
    • 2 investors on this round.
  25. Follow-on offering$5.0M2019-03-15
    • Came back fast: 2 mo vs the ~11 mo sector norm.
    • Round 10.4× larger than the prior — scaling up.
    • 1 investor on this round.
  26. Follow-on offering$26.6M2019-03-15
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 5.3× larger than the prior — scaling up.
    • 3 investors on this round.
Intelligence
2019 ~Q2
Modeled next raise · ~1mo cadence
$79.8M
Modeled next size est.range $51.9M$127.6M
5.3×
Last step-up
$64.0M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
John Henderson7 other2016-08
SAVIO CHIU5 other2016-08
Robert Galvin4 other2018-02
Richard Boxer3 other2016-08
Carlos Perea2 other2018-10
Paul Rosen2 other2016-08
ELIZABETH STAVOLA1 other2018-02
Hadley Ford1 other2016-08
Randy Maslow1 other2016-08
DIANE M ELLIS2019-03
ETHAN M ANDERSON2019-03
JOHN M HENDERSON2019-03
JOY M CHEN2019-03
JULIUS KALCEVICH2016-08
MICHAEL P MULDOWNEY2019-03
PAT M TIERNAN2019-03
Pat Tiernan2018-02
RAY M CHEVALIER2019-03
RICHARD M BOXER2019-03
ROBERT M WHELAN JR.2019-03
Robert Petch2018-02
TODD KARNIG2018-10
TODD M KARNIG2019-03
Registry & provenance

iANTHUS CAPITAL HOLDINGS, INC. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1643154
SEC CIK
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Frequently asked
How much funding has iANTHUS CAPITAL HOLDINGS, INC. raised?
iANTHUS CAPITAL HOLDINGS, INC. has raised approximately $165.6M in disclosed capital across 20 recorded financing rounds, aggregated from public filings.
What is iANTHUS CAPITAL HOLDINGS, INC.'s estimated valuation?
Provath's modeled valuation for iANTHUS CAPITAL HOLDINGS, INC. is approximately $441.8M (modeled range $66.5M–$1.7B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is iANTHUS CAPITAL HOLDINGS, INC. at?
iANTHUS CAPITAL HOLDINGS, INC. shows a recurring offering pattern rather than a clean VC stage progression. Its most recent recorded round closed around Fri Mar 15.
What does iANTHUS CAPITAL HOLDINGS, INC. do and where is it based?
iANTHUS CAPITAL HOLDINGS, INC. operates in the Other sector, based in TORONTO.
Explore related

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