BDC Venture Capital this morning announced that it has invested $3 million in BrandProject LP.
BrandProject is a new venture that invests in early-stage consumer products and technology companies, targeting companies across North America and has offices in Toronto New York.
Specifically, the company makes equity investments in disruptive Internet-enabled consumer products and consumer services businesses, then leverages new distribution channels, brand building, marketing, and social media to help expand the startups' reach. BrandProject completed a first close of $12 million in August.
“BrandProject's platform brings together the creativity, talent, resources, financing, and experience required to help entrepreneurs succeed,” says Dominique Bélanger, Vice President of Strategic Investment and Initiatives at BDC Venture Capital. “Their hands-on approach, extensive network, valuable experience and solid track record will be key to the success of BrandProject.”
BDC Venture Capital’s $3 million investment is part of the Government of Canada’s efforts to promote a more innovative economy by providing the capital and the resources needed for high-potential businesses to grow.
“We are thrilled to have BDC Venture Capital as a strategic investor in BrandProject,” says BrandProject founder and CEO Andrew Black. “BDC Venture Capital’s support and extensive network will allow us to create brands consumers love.”
The financing stems from Economic Action Plan 2013 in which the federal government has requested the Business Development Bank of Canada make available $100 million in additional funds to invest in high‑growth firms and firms graduating from business accelerators.