Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

February 10, 2015 13:30 ET

Minister Fantino Announces Support for York Angels Investors Inc.

VAUGHAN, ONTARIO--(Marketwired - Feb. 10, 2015) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

York Angel Investors Inc. will strengthen its capacity to support early-stage companies in southern Ontario, thanks to an investment of up to $500,000. The announcement was made today by FedDev Ontario Minister of State Gary Goodyear and Associate Minister of National Defence and Member of Parliament for Vaughan Julian Fantino.

The Harper Government, through FedDev Ontario, is providing funding to York Angel Investors Inc. to improve its investment and reporting tools, expand its angel investor membership and pool of angel investment funds, and improve mentoring support available to early-stage high-growth companies in southern Ontario. The angel network, which was established in 2008, has invested $4.9 million in 31 companies to date.

York Angel Investors Inc. anticipates increasing its membership from 71 to 106 members over the next five years. This will help entrepreneurs access the support they need to further develop their businesses and help them become more competitive.

FedDev Ontario's non-repayable contribution, through the Investing in Business Innovation initiative, will enable York Angel Investors Inc. to attract and retain members and have a high impact on early-stage companies throughout southern Ontario.

Following the announcement, Minister Fantino and Minister Goodyear visited the ice rink at the Father Ermanno Bulfon Community Centre to see the upgrades supported through the Community Infrastructure Improvement Fund.

Minister Fantino and Minister Goodyear also hosted a series of roundtable discussions on the economy with local business, industry, labour and not-for-profit leaders.

Quick Facts

  • The network anticipates investing more than $7 million in up to 28 companies over five years.
  • Through the first intake of the Investing in Business Innovation initiative launched in October 2010, FedDev Ontario invested nearly $57 million in repayable contributions to 86 companies, leveraging almost three times more in private sector investments. FedDev Ontario also invested more than $3 million in 12 angel networks and associations, which included $150,000 to York Angel Investors Inc.
  • Investing in Business Innovation funding is available for early-stage businesses with fewer than 50 employees; southern Ontario-based angel investor networks; and not-for-profit organizations that provide skills development and seed financing to new entrepreneurs.

Quotes

"Today's announcement demonstrates our Government's dedication to strengthening early-stage companies across southern Ontario. This investment will help create job opportunities and build on our network of Angel Investors, which is integral to a strong and prosperous economy."

- The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

"Our Government is taking action to grow Vaughan's economy through lower taxes and job creating investments. Our ongoing support will help businesses expand and create jobs right across the region."

- The Honourable Julian Fantino, Associate Minister of National Defence and Member of Parliament for Vaughan

"We, at York Angels, greatly appreciate the significant financial support that has been provided to us by FedDev Ontario.
This important contribution provides us the opportunity to actively continue our investing activity in, and support for, promising young companies in southern Ontario."

- Scott MacCannell, Chairman of the Board for York Angel Investors Inc.

Related Products

Speech: Investing in Business Innovation Funding Announcement for York Angel Investors Inc.

Associated Links

Investing in Business Innovation initiative

York Angel Investors Inc.

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