InBC, eFund pool US$2.93M to back early-stage B.C. startups
What's the deal? InBC InvestmentDealroom has a profile for this one. Try Dealroom → and the eFundDealroom has a profile for this one. Try Dealroom → angel network have launched a US$2.93M co-investment pool to fund scalable technology companies in British Columbia. Each partner is committing US$1.47M.
How it works: The two will invest alongside one another but evaluate opportunities and make decisions independently. The pool pairs institutional capital with private angel money, mentorship, and industry experience.
Who's involved? InBC is a strategic investment fund created by the provincial government to grow and anchor innovative companies in the province. eFund is a B.C.-based network of more than 200 angel investors that has made over 90 investments in 49 companies since 2011, backing names including Aspect Biosystems, Redlen TechnologiesDealroom has a profile for this one. Try Dealroom →, VitaminLabDealroom has a profile for this one. Try Dealroom →, and Semios.
What's the endgame? InBC wants to widen and diversify the capital available to local businesses, helping startups become scaleups. "InBC is pleased to co-invest with one of the largest networks of angel investors in Canada to attract private capital to B.C. companies," said chief investment officer Thomas Park.
Why now? The partnership is billed as one of the first of its kind in Canada between an angel community and an institutional investor. eFund director Thealzel Lee said the group has been "generating meaningful returns for investors for over 15 years" and is keen to work with a partner that values the angel community's role.
The signal: The tie-up reflects a push to keep Canadian founders funded with domestic capital at the earliest stages. Claudio Rojas, chief executive officer of the National Angel Capital OrganizationDealroom has a profile for this one. Try Dealroom →, called it a possible model, saying: "At a time when Canadian builders need more homegrown sources of capital at the early stage, this is exactly the kind of collaboration that strengthens our economic resilience."
Read more: techcouver.com
Image credit: Mariana Montes de Oca
