KINGSTON, ONTARIO--(Marketwire - Nov. 21, 2012) - Online auction company YouBidLocal Inc. will develop and launch the next generation of its web-based software platform thanks to a $50,000 Government of Canada investment announced today by the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"Our government is investing in the ideas and the people of southern Ontario to create jobs, growth and long-term prosperity," said Minister of State Goodyear. "This investment in YouBidLocal Inc. will allow the company to expand its innovations, resulting in increased sales and new jobs for our region."
The investment in YouBidLocal Inc. is being provided through FedDev Ontario's Investing in Business Innovation initiative. The funding will allow YouBidLocal Inc. to leverage an additional $375,000 in private sector investment from a member of York Angel Investors Inc., a southern Ontario angel investment network. YouBidLocal Inc. will use the funding to complete development of the next generation of its technologies and processes.
Based in Kingston, Ontario, with an office in Toronto and staff across Ontario, YouBidLocal Inc. offers clearance auctions for estate sales, downsizing situations, business liquidations, and inventory reductions through online auctions. The company has held more than 300 auctions in 30 months, selling 99 per cent of available items.
"This funding will help us build capabilities to serve our customers in an entirely revolutionary manner," said Sushee Perumal, CEO of YouBidLocal Inc. "We are pleased to receive this funding from FedDev Ontario."
Investing in Business Innovation is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. Funding under the initiative is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds. Applications for funding are being accepted and assessed on an ongoing basis. For more information, please refer to the program guidelines available on the FedDev Ontario website.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
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This news release is available online at: www.actionplan.gc.ca.