FedDev Ontario Supports Angel Investor Network in downtown Toronto and Southern Ontario
May 3, 2016 – Toronto, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Today, Adam Vaughan, Member of Parliament for Spadina−Fort York, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced funding of up to $300,000 in Brightspark Investors Club Ontario to expand its angel investor membership.
Companies need the right resources to further develop and bring their innovative products to market. The Government of Canada is proud to invest in local organizations, like Brightspark, so that they can increase the number of members who in turn invest in innovative start-ups and small- and medium-sized enterprises (SMEs).
Founded in 2013, Brightspark Investors Club Ontario is an early-stage angel investment network with a focus on software, Internet and mobile technologies. This non-repayable contribution, through FedDev Ontario's Investing in Business Innovation initiative, will help Brightspark Investor Club Ontario to grow its network of accredited investors in southern Ontario.
Through this project, Brightspark will help high-potential, early-stage companies obtain the resources and capital they need to be competitive, which will create jobs and economic growth in southern Ontario.
- Based in Canada, Brightspark builds and grows early-stage technology companies. Their innovative investment model gives individual accredited investors unprecedented access to their deal flow, allowing them to invest alongside Brightspark and institutional investors in Canada's finest early-stage technologies.
- The increase in membership will help Brightspark to grow angel investments from its current $1.75 million per year to a projected $10 million per year in three years.
- Brightspark expects to create four full-time equivalent jobs and maintain one job during the project. Brightspark also anticipates that a significant number of jobs will be created as a result of investments made in local companies by their network.
- Since 2013, Brightspark has developed a membership of 200 accredited investors in Ontario, who have invested more than $2.8 million in four early-stage companies. This number is expected to grow to 500 new investors by the end of the project.
"The Government of Canada is committed to investing in angel networks, such as Brightspark, by providing them with the resources they need to help angels invest in entrepreneurs. This funding will enable them to help businesses and entrepreneurs become more innovative, competitive and successful by providing them with the tools, mentorship and advice they need to grow."– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
"This investment will help high-potential, early-stage companies secure the tools and capital they need to be competitive. Helping local SMEs scale up will create jobs and economic growth right here in southern Ontario."– Adam Vaughan, Member of Parliament for Spadina-Fort York
"Brightspark is attracting new investors to invest in the growing Canadian technology industry. Our innovative model creates unprecedented investor access to exceptional early-stage deals in Canada. FedDev Ontario's contribution allows Brightspark to undertake new innovative outreach to Canadian investors."– Mark Skapinker, Managing Partner at Brightspark
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