The Federal Economic Development Agency for Southern Ontario announced CAD $2.03 million (USD $1.79 million) in funding for high-growth companies and one angel funding network in the Waterloo region.
FedDev Ontario was created by the Government of Canada in 2009 to further Southern Ontario economic development and play a role in supporting a diversified and competitive economy.
The Honorable Gary Goodyear, Minister of State for FedDev Ontario, announced an investment of CAD $1.53 million through the Investing in Business Innovation initiative to help three innovative companies with product development and commercialization.
The Golden Triangle Angel Network (GTAN) was separately awarded another $500,000 to help them increase the support the network provides to the angel investor community in southern Ontario.
GTAN has already invested more than $20 million in 45 companies, helping leverage $23 million in additional funding. The new federal funding will help the network double its membership from 100 to 200, which means another 100 companies will be able to raise a total of more than $40 million in funding over a five-year period.
Minister Goodyear said in a statement that innovative startups need access to capital today to grow into the flagship businesses of tomorrow, and added that “we are creating that environment, right here, in the Waterloo region.”
Golden Triangle Angel Network President Robert Douglas thanked FedDev Ontario for the financial support it provides to the angel network, and committed to providing expanded services and funding to the early-stage ecosystem over the next five years.
One of the three companies getting funding from FedDev Ontario is Kitchener, ON-based Clearpath Robotics Inc. The company is getting CAD $950,000 to accelerate the development and commercialization of a remote management system for mobile robots. This investment will enable the company to leverage more funding from a syndicate of angel investors that includes GTAN members.
Clearpath Robotics CFO, COO and Co-Founder Bryan Webb said they’re really proud to be growing the company in Ontario, and added that they can double their staff and continue growing their product offering because of the support received from the government.
Waterloo, ON-based Enterprise SMS customer service provider In the Chat Communications Inc. is getting CAD $400,000 from FedDev Ontario that will enable it to leverage another CAD $800,000 from angel investors who are members of GTAN and the Angel One Network. The funding will help the company expand its product offerings in international markets.
FedDev Ontario is investing another CAD $179,950 in Kitchener, ON-based WestonExpressions Inc. that will leverage another CAD $433,103 to enable completion of development of their LINKETT digital display advertising system. The funding will also help the company protect its intellectual property and then go ahead with a global sales and marketing plan.