OTTAWA, ONTARIO--(Marketwire - Oct. 17, 2011) - The Funding Portal Inc. has closed an angel financing round with Societal Ventures Corporation, an Ottawa-based investor.
The Funding Portal is a national bilingual portal that was launched in July 2011 to improve access to the Canadian public funding marketplace. Its unique proprietary search engine, TFP Search™, allows business, university and other applicants to find public funding programs from the Portal's database of over 2,000 federal, provincial and municipal programs representing an estimated $16B in public grants, contributions and tax incentives. Applicants also have access to the Portal's national roster of professionals to assist with all aspects of their funding applications.
Teri Kirk, President and CEO of The Funding Portal, stated, "We are providing a best-in-class solution to all who seek access to public grants, contributions, tax incentives and funding programs that provide support to Canada's entrepreneurs, R&D community and universities. We are moving forward with plans to enter select international jurisdictions over the coming 12 months. The Angel funding support by Societal Ventures is a key step in our continued growth and development."
Michel Wylie of Societal Ventures said, "We are very pleased to have taken up this Angel Financing Round. The Funding Portal is exactly what businesses need to improve their access to Canada's rich but complex R&D and public funding infrastructure. We are enthusiastic about the Portal's international expansion plans."
The launch of The Funding Portal complements work being undertaken by governments across Canada to review and strengthen industrial support programs, including the Jenkins Panel on federal R&D and measures proposed by the Government of Ontario to stimulate angel and VC-level investments. The Portal ensures that businesses can find and apply for these programs using secure online channels and portal architecture.
The Portal was recognized as Ottawa's top new start-up by the Ottawa Chamber of Commerce in September. The Chamber selected the Portal to showcase at the Canadian Chamber AGM that month, giving it recognition as an important means for business to access public funding for their R&D and growth objectives.
About The Funding Portal
The Funding Portal is a Canadian private corporation with offices in Toronto, Ottawa and Montreal.