HYPERDRIVE applications close June 4th – apply now!

Have an awesome startup? Want to turn it into a Series-A company in just 24 months? Then strap yourself in for HYPERDRIVE.

Canada’s most-connected incubator program is looking for the world’s 10 best early stage companies. But you must act fast: Applications close NEXT MONDAY, JUNE 4^TH .

HYPERDRIVE starts with a three-month sprint, then follows it up with up to 24 months mentoring plus follow-on financing, back-end support, and access to more than 100 mentors in our global network, all ready to lend their expertise to your challenges.

Find out about it here and apply now!

Toronto’s Interaxon lands first VC deal for thought-controlled IT gear

Toronto startup Interaxon has landed its first venture capital infusion just months before it will launch its thought-controlled computing headset on the consumer market.

No official announcement has been made regarding the funding, but an event moderator inadvertently let the cat out of the bag by making a passing mention of the deal during a presentation byInteraxon CEO Ariel Garten at today’s Mesh marketing conferencein Toronto.

Garten confirmed in an interview after her speech that “a significant funding event” has occurred at the company, but declined to give further details including the dollar amount, when it was raised or the investors involved. She did confirm that it’s the firstVC Interaxon has ever raised, saying the company has been “fully self-funded” until now…

Read more at: http://www.itbusiness.ca/it/client/en/home/News.asp?id=67610

Celtic House Venture Partners Reaches First Close

Source: PEHUB http://www.pehub.com/151482/celtic-house-venture-partners-reaches-first-close/

Celtic House Venture Partners today announced the first close of Celtic House Venture Partners Fund IV LP at $105 million. With the close of this new fund backed by leading institutional investors, including the Ontario Venture Capital Fund (OVCF), Teralys Capital, Export Development Canada (EDC) and BDC Venture Capital (BDC), the Celtic House team continues an 18‐year history of investing in technology innovation in Canada.
Fund IV will focus on early‐stage investment opportunities in Media Communications Technology (MCT), partnering with teams that have outstanding records of innovation and entrepreneurial success. MCT is a very real growth opportunity. Existing internet infrastructure is being taxed by the consumer‐facing and mobility services that are changing the nature of social interaction and media consumption today. The transformation to a media‐centric web will affect every aspect of IT from low level algorithms implemented in hardware to end‐user application software.

Ontario Venture Capital Fund commits $70 million to three leading venture capital funds

Source: Canada Newswire http://www.newswire.ca/en/story/979453/ontario-venture-capital-fund-commits-70-million-to-three-leading-venture-capital-funds

Lead investments in Lumira Capital, Celtic House Venture Partners and Rho Canada Ventures continue successful program of investing in Ontario-focused high-potential venture funds and companies

TORONTO, May 23, 2012 /CNW/ – Ontario Venture Capital Fund (OVCF) today announced it has recently made commitments totalling $70 million to three leading Ontario-focused venture capital funds: Lumira Capital II, Celtic House Venture Partners IV and Rho Canada Ventures II. These recent commitments are in addition to the commitments that OVCF has already made to a number of other top fund managers (including Georgian Partners, Relay Ventures, XPV Capital and Extreme Venture Partners) and a number of direct co-investments in innovative, high-growth companies (including Achievers, DealFind, Polar Mobile, Fresco Microchip and BlueCat Networks).

“We are very pleased to be the lead investor in three best-in-class venture capital funds focused on the Ontario market,” said Melissa McJannet, Managing Director of Northleaf Capital Partners, the manager of OVCF. “These investments reflect OVCF’s long-term strategy of constructing a portfolio of high-potential Ontario-based and Ontario-focused venture capital and growth equity funds with the scale and resources to execute their plans, support successful high-growth companies and deliver world-class returns.”

BDC Venture Capital invests $63 million in three new Information Technology venture capital funds

Source: http://www.newswire.ca/en/story/979803/bdc-venture-capital-invests-63-million-in-three-new-information-technology-venture-capital-funds

Continuing a pace begun in December of 2011, the Business Development Bank of Canada (BDC) has recently invested $63 million in three new venture capital funds: RhoCanada Ventures II, Celtic House IV and iNovia Capital III.  These three investments help to create venture funds totaling over $300 million in capital from BDC and other co-investors.  Beginning immediately and continuing over the next 5-7 years, these three funds will invest in up to 35 promising young Information and Communications Technology companies across Canada, working to help them develop into global leaders in their industries.

“Because of the quality of their managers and the ongoing support they offer to investee companies, these three venture capital funds perfectly satisfy BDC’s objectives:  to help build world-class technology companies in Canadaand strengthen the country’s venture capital industry,” explained Neal Hill, Vice-President, Fund Investments at BDC Venture Capital.

Working closely with BDC to support these new funds were several co-investors, including Teralys Capital, Ontario Venture Capital Fund (OVCF) managed by Northleaf Capital Partners, and Export Development Canada (EDC).   BDC also invests in funds that specialize in the Life Sciences, Energy/Cleantech and AgriBusiness categories, and now holds positions in a total of 25 funds started since 2001.

Maple Leaf Angels on BNN

For all those that know Maple Leaf Angels, you may be interested to know that one of their Board, Probal Lala, was featured on BNN’s The Pitch – Part One [05-25-12 8:00 PM] (http://www.bnn.ca/Shows/The-Pitch.aspx)

Happy viewing!

 

WANTED: Hot Young Companies for the PROFIT HOT 50

NACO encourages you and/or your investee companies to apply to be named one of the Profit Hot 50 companies! For more information, please see below. Good luck!

If you run a young, fast-growing business, then you belong on the PROFIT HOT 50!

Now in its 13th year, the PROFIT HOT 50 is the definitive list of Canada’s Top New Growth Companies, ranked by two-year revenue growth. A place on the PROFIT HOT 50 can inspire your staff, attract new clients and investors, and spark relationships with other dynamic companies.

You’ll enjoy many great benefits as a PROFIT HOT 50 company, including coverage in the October 2012 issue of PROFIT Magazine and online at PROFITguide.com. PROFIT HOT 50 leaders will also receive an invitation to GrowthCamp, an exclusive summit at which PROFIT HOT 50 leaders share ideas, learn from experts and make valuable contacts.

If your firm was launched in 2007 through 2009, then enter the PROFIT HOT 50 today!

The entry deadline is June 30, 2012.

Apply now! For more information or to enter online, visit http://www.profitguide.com/awards or call 1-800-713-GROW.