New Investment Initiative Backs Women-Owned Ventures in Collaboration with National Accelerators

VENTURE13, Cobourg, Ontario (July 15, 2024)–In a new pilot partnership with three exceptional Canadian accelerators, NCFDC will invest in vetted and prequalified women-owned technology startups emerging from national programs.

In collaboration with Bioenterprise Canada, GreenCentre Canada and Boundless Accelerator, NCFDC’s new initiative takes aim at the gender access to innovation capital gap by providing $50,000 investments to companies on the cusp of commercialization or bridging to pre-seed rounds led by angels and early-stage VC funds.

Start-ups may be easily nominated and pre-qualified for investment by their accelerator and access one of two standard terms sheets from NCFDC: 1) flexible debt at competitive rates and 2) convertible debt for startups on a venture capital track.

Previously, Bioenterprise Canada played a powerful role in NCFDC’s recent thriveFORWARD initiative (a $10 million Jobs and Growth Fund project that funded 179 start-ups and SMEs). The organization provided expert acceleration and advisory services to next gen Canadian agri-food ventures participating in ‘thrive’.

GreenCentre Canada provides specialized technical services to support the growth of cleantech companies by transforming their chemical and materials innovations into valued products, processes, and services. NCFDC previously worked with the GreenCentre to seed fund promising cleantech startups via N1M (a $2.2 million FedDev Ontario Investing in Business Innovation initiative).

FedDev Ontario also brought NCFDC together with Boundless Accelerator, a Guelph, Ontario-based innovation centre delivering the national Rhyze Up! program for women entrepreneurs, further expanding the reach of NCFDC investments.

“We’re determined to find exceptional opportunities to deploy these funds,” said Wendy Curtis, Executive Director of NCFDC. “In essence, we are backing high-potential startups through an efficient pre-qualification process synchronized with three exceptional organizations who hold key positions in Canada’s innovation ecosystem.”

How does the initiative work? With their startup client’s authorization, the accelerator partner completes nearly all of the substantive paperwork required and submits the application on the previously vetted startup’s behalf, making the entire application process especially easy on the entrepreneur.

It is widely known that less than 2% of all venture capital goes to women-owned firms. “Therefore, we’re putting options on the table for them in a very rapid and disciplined fashion,” Curtis explains. “We want women founders to know they have options, we want to ensure that they can hit important milestones on the path to market, or bridge to their planned pre-seed round.”

With the last partner Memorandum of Understanding signed the first week of July, NCFDC already has two deals completed: $50,000 each for OptiFab (a provider of AI-driven optimization solutions for smarter manufacturing) and Demagel (a breakthrough next generation polymer electrolyte membrane). More are in the pipeline, and investments will be made across Canada, part of a national bridgehead forged through the success of the evergreen DELIA initiative, supported by FedDev Ontario and Innovation, Science and Economic Development Canada (ISED).

“We would like to thank everyone at Bioenterprise, GreenCentre and Boundless for helping us to develop this new framework for investing in women-owned innovation in real time,” said Wendy Curtis.

“We’re just going to do everything we can to make sure that visionary women who are building the industries of Canada’s future can and will be able to unleash their full potential,” said Jason Ewart, Chair of NCFDC’s Board of Directors. “For exemplary companies owned by women founders, nothing should be holding them back.”

An innovation and entrepreneurship NGO headquartered at Venture13 in Northumberland, just over an hour East of Toronto, with core operational funding from FedDev Ontario and the Government of Canada. NCFDC delivers initiatives such as StrikeUP Canada and the DELIA Women Entrepreneurship Loan Fund, with core operational funding from FedDev Ontario and the Government of Canada. For more, head to ncfdc.ca.

About Bioenterprise Canada

Founded in 2003, Bioenterprise Canada is a community of entrepreneurs, researchers, accelerators, and partners, committed to driving innovation across Canada in the agri-tech and food industry. Explore Bioenterprise programs and services and join the network at bioenterprise.ca.

About Boundless Accelerator

Since inception in 2011, and located in the heart of the Toronto-Waterloo Innovation Corridor, Boundless Accelerator (formerly Innovation Guelph) provides innovative ventures with award-winning programs, expert mentorship, resources and connections, including the national Rhyze Up! Initiative. For more, visit boundlessaccelerator.ca.

About GreenCentre Canada

GreenCentre Canada’s mission is to ensure the sustainable growth of companies by transforming their chemistry and materials innovations into marketable products. Located in Kingston, Ontario, GreenCentre boasts specialized chemistry labs and expert problem-solving capabilities for product and process development. Learn more at: greencentrecanada.com.