Communitech announced this morning that it has added the MaRS Investment Accelerator Fund as a funding partner in its Hyperdrive program.
Part of the Ontario Network of Excellence, IAF is funded by the Government of Ontario and delivered by MaRS. IAF joins other high-profile Hyperdrive investors OMERS Ventures, iNovia Capital, Rho Canada Ventures, and BDC Venture Capital in the program.
"With the IAF on board, we add yet another powerhouse investor to the roster," said Iain Klugman, CEO of Communitech. "The MaRS Investment Accelerator Fund has been a key part of the Waterloo technology ecosystem since its inception four years ago, and works in close collaboration with Communitech and our other HYPERDRIVE funding partners. We are delighted to have the IAF join the program."
Hyperdrive is Communitech's new $30-million-plus program currently getting underway. Based on concentrated skill building and accelerated mentorship, the program will see startups "advance through a series of stages, earning increasing amounts of funding with each successful step."
"We are very pleased to be a part of the Hyperdrive program, which promises to be a forward-thinking approach to identifying and developing future tech stars," said Dan Mathers, Investment Director, IAF. "Our focus as a fund is to invest in high growth technology companies developing innovative products. We invest at the seed stage with the objective to build the next generation of growth companies in Ontario. Companies graduating from Hyperdrive will fit closely with our investment criteria. We look forward to actively contributing to the program."
"Our funders have come together with a collective enthusiasm that is contagious," added Iain. "We are united in our efforts to better Canada's economy through the support of new, high-potential startups."
Communitech is located in Waterloo, founded by a group of dedicated entrepreneurs in 1997. The MaRS Investment Accelerator Fund invests in "qualified emerging companies in Ontario using an equity-type instrument."