Written by: Collingwood Today Staff
With the launch of the GAN Xcelerate Fund, the Georgian Angel Network will provide 10 Ontario-based businesses with $30,000. A preference will be given to businesses in Barrie, Simcoe, and Grey Counties among others.
GEORGIAN ANGEL NETWORK
Georgian Angel Network (GAN) has launched the GAN Xcelerate Fund (GXF) which is looking for start-ups ready to grow their business. GXF will provide $30,000 to 10 Ontario-based businesses with a preference to those located in the Barrie, Simcoe and Grey Counties, South Georgian Bay, Orangeville, and Muskoka regions over the next two years.
“The GXF funding will help start-up businesses get firmly established on a growth trajectory,” says Michael Badham, GAN Managing Director. “GAN’s angel investors already support the innovative growth of companies that have proven themselves ready to grow and the GXF will provide the funding start-ups need to get themselves ready for continued growth”.
Sixteen GAN members have contributed a total of $300,000 to establish the fund. GXF supports businesses by referring start-up founders to service providers who have developed specific packages for service to assist start-ups in the areas of accounting, banking, legal, mentorship, and branding and website development.
Eligible businesses have already received support from the Smart Start Seed Fund (SSSF), supported by the Government of Canada through the Federal Economic Development Agency for Southern Ontario and delivered by Ontario Centres of Excellence (OCE). SSSF helps transition start-ups from product development, to market entry and company building.
“The GXF is a great way for angel investors to support and promote high potential start-ups that have been de-risked by OCE and received seed-financing through the Smart Start Seed Fund,” said Claudia Krywiak, Interim President and CEO, OCE. “We are very proud of the calibre of SmartStart companies and this a great example of the type of ecosystem network and private-sector follow-on investment that can be available for start-ups in Ontario.”
For more information about the GXF visit www.georgianangelnet.ca/xcelerate-fund
ABOUT GEORGIAN ANGEL NETWORK
Georgian Angel Network (GAN) is a not for profit organization that connects angel investors in the Barrie, Simcoe and Grey Counties, South Georgian Bay, Orangeville, and Muskoka regions with entrepreneurs needing equity capital to commercialize their innovations.
GAN serves as a catalyst for economic development, facilitating deal flow between accredited investors and high-quality investee opportunities as well as providing investor and investee education services.
Since 2012 members of GAN have invested over $15 million in 40 companies, through initial financings as well as follow-on financings. GAN is supported by the Government of Canada through funding from the Federal Economic Development Agency for Southern Ontario.