October 14, 2014 – Burlington, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
FedDev Ontario Minister Gary Goodyear, Burlington MP Mike Wallace and Oakville MP Terence Young announced an investment of up to $500,000 in Angel One Investor Network, which will help the network to expand its angel investor membership and to increase its pool of angel investment funds and mentoring support for early-stage companies in southern Ontario.
Angel One Investor Network will be using this investment to support its growth and double its membership, enabling it to continue to help companies transition from innovative start-up to commercial success. Over the five-year period of the FedDev Ontario investment, Angel One members anticipate providing $15 million of private capital to about 50 companies, along with leadership in governance, strategy and operations. The federal funding aids the network in preparing the companies for private capital, completing due diligence and developing tools and strategies to improve the process of angel investing.
FedDev Ontario's non-repayable contribution is through the Investing in Business Innovation initiative. It is aimed at strengthening the innovation ecosystem in southern Ontario by: supporting new entrepreneurs, early-stage businesses and angel investors; getting new businesses off the ground; and increasing their access to capital and business expertise.
Beyond providing funding, angel investors play a significant role in mentoring and coaching during the early stages of business growth, which contributes to the successful commercialization of innovation.
Erica Furtado
Director of Communications
Office of the Honourable Gary Goodyear
613-943-7599
Media Relations
FedDev Ontario
416-954-6652
FedDevMedia@FedDevOntario.gc.ca
Toll Free: 1-866-593-5505
Website: www.FedDevOntario.gc.ca
Subscribe to our news updates and follow us on Twitter @FedDevOntario
