Montreal’s FounderFuel announced today that it will fund 10 new companies - two more than they had initially announced. FounderFuel is one of Canada's new breed of startup accelerators which includes Vancouver's GrowLab and Ottawa's Mercury Launch.
While the names of the companies have not yet been made public, FounderFuel GM Ian Jeffery announced that all 10 teams are Canadian with four from Montreal, two from Waterloo, two from Toronto, one from Quebec City and one from Vancouver.
FounderFuel will provide $10,000 per team, and then an additional $5,000 for each team member, in return for a six-per-cent equity stake in the company. A total of about $250,000 has been invested in this cohort of companies.
The teams will all be working out of the Notman House which is developing into a hub for Montreal’s web startup community. All 10 teams will be introduced at Notman House on August 15th followed by an invitation only launch event on August 23rd. The program ends on November 8th with a day of pitching the business to potential investors.