CORRECTION FROM SOURCE: TandemLaunch Announces Initial Closing of $12 Million for its Third Fund

MONTREAL, QUEBEC--(Marketwired - May 24, 2016) - This document corrects and replaces the press release that was sent today at 10:00 ET.

Note to editors: An image is included with this press release on Marketwired's website.

TandemLaunch, a company creator and seed fund focused on creating, incubating and accelerating early-stage technology start-ups, today announced the first closing of its third fund, TandemLaunch Ventures II ("TLVII") for a total capitalization of $12 million. The final closing is expected to occur at the end of the summer of 2016.

As lead investor, BDC Capital contributed $4 million to the new fund. Over 30 private investors also joined in, including investment firms such as Lune Rouge Innovation, founded by Guy Laliberté, and Speed of Trust Ventures along with other successful entrepreneurs and angel investors such as members of YUL Ventures, Nathalie Marcoux and Jean-François Grenon.

"TandemLaunch's incubation model is unique not only in Canada but internationally," said Charles Morand, the associate director in charge of the transactionwithin BDC Capital's Fund Investments team. "It's been effective in sourcing promising technologies from some of the world's top research universities and turning them into actual Canadian companies. We know that getting seed funding can be a challenge. TLVII will provide much needed early-stage support to a whole new crop of Canadian startups." BDC Capital was also the lead investor in TandemLaunch Ventures I, which closed at $9.8 million in July 2013.

"We are very pleased by the continued support of BDC Capital and look forward to pursuing our collaboration in this newest fund," said Helge Seetzen, General Partner of TandemLaunch. "By bringing together the capital, network and depth of experience of an exceptional group of private investors with such an important player in the Canadian venture capital ecosystem, we now have all the resources necessary to support the next generation of innovative entrepreneurs and technologists."

The new capital will allow TandemLaunch to initiate another dozen new ventures by identifying technologies with promising market opportunities, bringing talent from around the world and contributing seed capital. Portfolio companies are also provided access to TandemLaunch's in-house staff, facilities, mentors and industry partners. The objective of the fund is to create companies that develop strong intellectual property with the potential for global commercialization.

About TandemLaunch

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 supported 13 ventures valued at over $60 million and employing more than 250 technology jobs. Notable portfolio companies include LandR, SPORTLOGiQ and wrnch. www.tandemlaunch.com

About BDC Capital

A subsidiary of the Business Development Bank of Canada (BDC), BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1.6 billion under management, BDC Capital takes a strategic, patient approach to nurture companies' development over the long term.

From venture capital and equity, to growth and transition capital, our team of over 100 experienced, local professionals partner with entrepreneurs to identify and meet their needs on flexible terms. Some of the sectors in which we specialize include IT, industrial/clean/energy technology, and healthcare. For more information, please visit www.bdccapital.ca or follow us on Twitter at @BDC_Capital.

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