Communitech's HYPERDRIVE Program Flexes Funding Muscle with Addition of the MaRS Investment Accelerator Fund
WATERLOO, ON, July 9, 2012 /CNW/ - Communitech is pleased to welcome MaRS Investment Accelerator Fund (IAF) (Twitter: @MaRSIAF) as a funding partner in its HYPERDRIVE program. Part of the Ontario Network of Excellence (ONE), IAF is funded by the Government of Ontario and delivered by MaRS. IAF joins other high-profile HYPERDRIVE investors OMERS Ventures, iNovia Capital, Rho Canada Ventures, and BDC Venture Capital in HYPERDRIVE's concerted effort to seed and grow lucrative tech companies, with the capacity to become tech game- changers at home and abroad.
"With the IAF on board, we add yet another powerhouse investor to the roster," said Iain Klugman, CEO of Communitech. "The MaRS Investment Accelerator Fund has been a key part of the Waterloo technology ecosystem since its inception four years ago, and works in close collaboration with Communitech and our other HYPERDRIVE funding partners. We are delighted to have the IAF join the program."
HYPERDRIVE is Communitech's new $30-million-plus program currently getting underway. Based on concentrated skill building and accelerated mentorship, HYPERDRIVE will see startups advance through a series of stages, earning increasing amounts of funding with each successful step. Seed funders ease the burden of initial tech startup costs, while in-kind program support, a week in New York City to test the market waters, along with a round of $150,000 capital will sustain businesses as they vie for top level investments from Venture Capital funders. Successful participants can earn a potential $500,000 from leading Venture Capital firms with a stake in the HYPERDRIVE program.
"We are very pleased to be a part of the HYPERDRIVE program, which promises to be a forward-thinking approach to identifying and developing future tech stars," said Dan Mathers, Investment Director, IAF. "Our focus as a fund is to invest in high growth technology companies developing innovative products. We invest at the seed stage with the objective to build the next generation of growth companies in Ontario. Companies graduating from HYPERDRIVE will fit closely with our investment criteria. We look forward to actively contributing to the program."
IAF joins the following fellow investors:
OMERS Ventures - one of Canada's largest pension funds invested in expanding the
knowledge economy in Canada
iNovia Capital - founder for "exceptional entrepreneurs"
Rho Canada Ventures, a division of US-based Rho Capital Partners - seed funder/manager of small venture capital funds
- BDC Venture Capital - providing follow-on funding to venture-ready graduates of HYPERDRIVE and other leading accelerators across Canada.
These investors will provide early-stage investment and access to key markets, such as New York and Silicon Valley, to technologically innovative companies.
"Our funders have come together with a collective enthusiasm that is contagious," said Iain Klugman. "We are united in our efforts to better Canada's economy through the support of new, high-potential startups."
Communitech is located in Waterloo Region, 110 kilometres (66 miles) west of Toronto, Ontario, Canada. Founded by a group of dedicated entrepreneurs in 1997, Communitech is the regional hub for the commercialization of innovative technologies supporting and building a Southwestern Ontario tech cluster of close to 1,000 companies that now generates more than $30B in revenue. A member of the Ontario Network of Excellence (www.oneinnovation.ca), which is funded by the Ontario government, Communitech supports tech companies at all stages of their growth and development - from startup companies, to rapidly growing SMEs, to large global players - to create greater numbers of successful global businesses for Ontario and for Canada.
About Communitech HYPERDRIVE
Communitech HYPERDRIVE (http://www.communitech.ca/hyperdrive/) is a startup incubator that provides enhanced mentorship and other life cycle services to early stage tech companies. The goal of the program is to maximize the ability of these companies to commercialize innovations and prepare the companies for investment opportunities. The program will also enable 'soft landings' for experience in foreign markets, and higher visibility for investment sources and business connections.
About Investment Accelerator Fund
MaRS Investment Accelerator Fund (IAF) (www.marsdd.com/iaf) (Twitter: @MaRSIAF) invests in qualified emerging companies in Ontario using an equity-type instrument. As a critical component of the Ontario Network of Excellence (ONE), the IAF supports the launch and development of innovative businesses in Ontario's priority sectors of information technology, cleantech, advanced materials and manufacturing and life sciences.
Shelley Grandy, Sr. PR Advisor, Communitech, 905-866-2656 or email@example.com
Chris Stevenson, Director Communications, MaRS,416-673-8104 or firstname.lastname@example.org