MaRS Investment Accelerator Fund Joins Communitech's Hyperdrive Program

Posted by Techvibes NewsDesk

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."

Company:
Communitech HYPERDRIVE
Website:
http://hyperdrive.communitech.ca
Location:
Kitchener-Waterloo, Ontario, Canada

Communitech HYPERDRIVE is a startup incubator that provides enhanced mentorship and other life cycle services to early-stage tech companies. The goal of the program is to maximize the ability of these companies to commercialize innovations and prepare them for investment opportunities. The program also enables 'soft landings' for experience in foreign markets, and higher visibility for investment sources and... more

Company:
MaRS Innovation
Website:
http://www.marsinnovation.com
Location:
Toronto, Ontario, Canada

MaRS Innovation (MI) is the commercialization agent for the exceptional discovery pipeline from 16 leading Ontario academic institutions. As a single-entry point to total member research activity of $1 billion in annual research and development, MI provides an easy gateway for investors and licensees who wish to gain access to technology assets in Ontario. Supported by the Government of Canada through the Networks... more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



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