Last week the West Coast got a new startup accelerator with the launch of GrowLab in Vancouver and today it's Montreal's turn.
Montreal Start Up and Real Ventures announced today that they have committed over $2 million dollars to the newly created accelerator program called FounderFuel.
FounderFuel has the support of the Montreal startup community (and North America) having attracted over 85 experienced entrepreneurs, top executives, VCs, and Angels to join the team of mentors. The list is long so I won't list it here although GrowLab and FounderFuel do share a connection - GrowLab co-founder Jason Bailey is an investor at FounderFuel.
Ian Jeffrey, formerly Vice President at Tiny Pictures (Radar.net) and subsequently Director of Marketing at Shutterfly after its acquisition of Tiny Pictures, has been tapped to become FounderFuel's General Manager.
FounderFuel is seeking disruptive teams of highly creative and committed entrepreneurs. Each team in the program receives a $10K investment, plus an additional $5K per co-founder in exchange for 6% equity in the company. As an example, a team of 3 will receive a total of $25K. Teams may apply until July 1st.
It's great to see a new accelerator join Year One Labs, Flow Ventures, and Tandem Launch in Montreal. Now if only the Canadiens could make it past the first round of the playoffs.