BDC stands up for startups

BDC Capital has backed the StandUp Ventures Fund I, a women-focused fund that has made its first investment in Tealbook.

BDC Capital, the investment arm of the government-owned Business Development Bank of Canada, injected C$5m ($3.6m) into the StandUp Ventures Fund I yesterday.

The fund, set up by the Business Development Bank of Canada and the Ontario province-backed Mars Investment Accelerator Fund (IAF), has now achieved its first close. Additional investors are currently being sought.

StandUp Ventures will be managed by Mars IAF and invest in pre-seed and seed stage startups in the healthcare, IT and cleantech sectors. Eligible startups will need to have at least one female founder in C-level role with a significant ownership stake.

The fund will make between 12 and 20 investments over the next three to five years, with individual commitments ranging from C$250,000 to C$1m.

The fund’s first investment is Tealbook, a platform that speeds up enterprise sourcing of suppliers through peer-driven supplier knowledge and aggregated information.

Stephany Lapierre, founder and CEO of Tealbook, said: "The reality is that women entrepreneurs still face additional hurdles when seeking venture capital.

“This investment will allow Tealbook to continue developing its AI and machine learning capacity and go-to-market strategy, giving us a crucial competitive advantage as we grow our market share. We are thrilled to be StandUp Venture Fund's first investee.”

See more from this Government Report: Canada

Back

Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.

Most read

  1. News round up 9 October 2017

    October 09, 2017

  2. Editorial: France chases $12bn fund vision

    September 25, 2017

  3. Big deal: October kicks off with fundraising galore

    October 09, 2017

  4. Deal net: 25 – 29 September 2017

    September 29, 2017

  5. News round up 25 September 2017

    September 25, 2017