November 5, 2018
$5M to support the creation of new technology start-ups in Canada
MONTREAL, Nov. 05, 2018 (GLOBE NEWSWIRE) — TandemLaunch, a company creator and seed fund focused on creating, incubating and accelerating early-stage technology start-ups, today announced that it was chosen by the Government of Canada to receive an investment of $5 million under the Venture Capital Catalyst Initiative (“VCCI”). This initiative aims to strengthen and broaden the Canadian venture capital ecosystem and enhance diversity and participation of women in VC.
“We are honoured to have been chosen by the Government of Canada under this pioneering program designed to support Canada’s future technology leaders. We believe this is in recognition of our success at creating leading-edge start-ups that bring together a diverse background of technologists, entrepreneurs and strategic partners from around the world,” said Helge Seetzen, General Partner and CEO of TandemLaunch.
“As part of our upcoming fund TandemLaunch Ventures III, this additional capital from VCCI will help us build a new generation of high-value technology ventures starting in 2019. We look forward to working with the Government of Canada to help support a more inclusive and diverse venture capital ecosystem,” said Émilie Boutros, Partner and CFO of TandemLaunch.
TandemLaunch is dedicated to assembling diverse teams around industry-driven technologies sourced from universities around the world.
Access to capital is vital in growing innovative companies to develop ideas, market new products and create good, middle class jobs in communities across the country. Announced in Budget 2017, the Government of Canada, through the Business Development Bank of Canada (BDC) is making available $400 million to increase the availability of late stage venture capital in Canada through the Venture Capital Catalyst Initiative (VCCI). VCCI will complement other programs under the Innovation and Skills Plan to help grow Canada’s most innovative firms, support greater diversity and address gender balance in the VC community.
TandemLaunch is a seed investor and incubator focused on creating early-stage technology start-ups. TandemLaunch works closely with consumer electronic companies and universities to identify disruptive technologies with a sizeable market opportunity. This unique demand-driven approach reduces market risk early in the start-up process. Since its foundation in 2010, TandemLaunch created over 25 ventures valued at over $350 million and employing over 250 high-tech workers in the Montreal area. Notable portfolio companies include Aerial, SPORTLOGiQ and wrnch. www.tandemlaunch.com
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/03dd1c05-9359-4fa3-b82a-cb2a1ef684ad