BDC Venture Capital Invests in All Four GrowLab Graduates

Posted by Rob Lewis

Techvibes has learned that BDC Venture Capital, Canada’s largest institutional venture capital investor, has invested in all four of GrowLab's most recent graduating startups.

BDC is injecting $150,000 in seed funding in each startup: ePACT, Procurify, SpaceList, and KarmaHire. From what we hear, the startups had the option to turn down the funding, but all four accepted.

“This seed investment is meant to help these promising companies keep going while they work towards a more substantial second round of financing,” says Senia Rapisarda, Vice President of Strategic Investments and Initiatives at BDC Venture Capital."The companies are now well equipped to further refine their product and grow their number of customers."

The investments come in the form of convertible notes, which are short term loans that are usually converted into shares later on in the company’s life. To date, $5.7 million has been provided by BDC Venture Capital in convertible notes to 38 Canadian startups, including $1.95 million to 13 GrowLab graduates since the accelerator’s first cohort in 2011.

“BDC Venture Capital has played a real leadership role in advancing accelerators in Canada,” says Mike Edwards, GrowLab’s Executive Director. “Ultimately, this is great news for the entire startup ecosystem.”

And here's a quick brush-up on the four recent GrowLab grads BDC has invested in:

• ePACT is a LinkedIn for emergency networks tracking to 2.5 million users by end of year one that has already raised $800,000 and is looking to raise $2 million (ePACT's Christine Sommers pictured).

• Procurify is a spend management solution for organizations of all sizes that has secured a $400,000 investment from Mark Cuban.

• SpaceList is an MLS for commercial real estate, hosting over 60 Million square feet of space for lease.  Having secured $400,000 to date, SpaceList is currently raising a $500,000 seed round.

• KarmaHire is an optimized hiring platform that creates high-converting recruiting pages in minutes.

Company:
BDC Venture Capital
Website:
http://www.bdc.ca
Location:
Montréal, Québec, Canada

With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health and energy/cleantech companies, as well as venture funds, with high growth potential. From seed through expansion to exit, their mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian... more

Company:
GrowLab Ventures Inc.
Website:
http://www.growlab.ca
Location:
Vancouver, British Columbia, Canada

GrowLab supports the World's best entrepreneurs through seed funding, office space, mentorship & programming in Vancouver & San Francisco. more

Company:
SpaceList
Website:
http://www.spacelist.ca
Location:
Vancouver, British Columbia, Canada

We started SpaceList to make it easy for people to find the perfect office, retail or warehouse space. We're doing it by bringing all of Canada's commercial real estate listings together in one place. No other website lets you cover so much of the market so quickly. We are working closely with the biggest firms in the business to make commercial real estate more accessible and improve the efficiency of the... more

Company:
Procurify.com
Website:
http://www.procurify.com
Location:
Vancouver, British Columbia, Canada

Procurify is a cloud based cost management solution! We help companies streamline purchasing, track spending and stop cash leakage. We'll help simplify your company's purchasing process. There is a free free trial available and we would be more than happy to give you a free online demonstration to show you how it all works. more

Company:
KarmaHire
Website:
http://karmahire.com
Location:
Vancouver, British Columbia, Canada

KarmaHire is a cloud recruitment suite for the world’s fastest growing companies to source, screen and hire better talent. more

Company:
ePACT Network Ltd.
Website:
http://www.epactnetwork.com
Location:
North Vancouver, British Columbia, Canada

ePACT is the emergency network, helping communities better prepare for and respond to any crisis. By leveraging the power of online networking, ePACT brings organizations and individuals together to share critical information, plan collectively and communicate before, during and after any emergency, resulting in greater connectivity and safety for all. more


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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more



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