New Brunswick Innovation Foundation (NBIF) has made an undisclosed commitment to the debut venture capital fund of 500 Startups Canada. The investment is part of a partnership struck between NBIF and 500 Startups Canada to seed and grow more startups located in New Brunswick and across Atlantic Canada. 500 Startups Canada’s US$30 million fund, launched in 2016, announced its initial close in January. With the NBIF deal, it has partners or associates in each Canadian innovation hub, including Vancouver, Waterloo, Toronto, Montréal and Fredericton. Last month, 500 Startups Canada led the pre-Series A financing of Attendease.
PRESS RELEASE
NBIF & 500 Startups Strike Partnership
June 6, 2017 – The New Brunswick Innovation Foundation and 500 Startups Canada have entered into a partnership to help seed and scale up more world-class startup companies in New Brunswick and across Atlantic Canada. The partnership includes an investment by NBIF in the newly launched 500 Startups Canada venture capital fund.
“We’re excited to partner with 500 Startups Canada and to help them source and select deals in the region, to connect our startups with their extensive network of mentors, founders, and investors,” said Calvin Milbury, President and CEO of NBIF. “It’s encouraging to work with a like-minded investor who believes as much as we do in the potential of our startup companies in the region.”
500 Startups Canada is a national venture capital seed fund with partners or associates in each major innovation centre, including Vancouver, Waterloo, Toronto, Montreal, and Fredericton.
“Atlantic Canada has more great startup activity happening than anyone outside the region knows, and nowhere is that more evident than in New Brunswick and the ecosystem developed there by NBIF and many others” said Sanjay Signhal, Managing Partner of 500 Startups Canada. “With all this activity, there is no way we could do the region justice in terms of investment coverage without NBIF as partners in the strategy and execution of finding, funding, and growing the next generation of great Canadian companies.”
NBIF is focused on scaling up its many startup companies. This partnership with 500 Startup Canada is one of many ways we intend to achieve this goal over the coming months.
For more information on 500 Startups Canada, please visit: http://500canada.ca/
Photo courtesy of 500 Startups