CMF & BDC Capital Team Up to Fund Tech Startups


MONTREAL: Game and software startups receiving funding through the Canada Media Fund (CMF) could be eligible to receive additional capital for their projects through a new partnership between CMF and BDC Capital, a subsidiary of the Business Development Bank of Canada (BDC).

As part of the new collaboration, BDC Capital will support qualified companies with a convertible note worth C$150,000 ($136,325) to complement the investments already made by the CMF. That supplementary capital would be used to accelerate the commercialization of their projects and attract extra private-sector investments. The initiative is for startups whose project received or will receive CMF funding for 2013-2014 or 2014-2015.

“This unprecedented collaboration between the CMF and Canada’s largest institutional venture capital investor reflects a shared commitment to support Canadian companies by providing access to greater capital and markets and by promoting the success of Canadian media innovation,” said Valerie Creighton, the president and CEO of CMF. “This is one more step in finding creative solutions to build support for Canada’s innovative digital media industry.”

“When considering new partners with whom to deploy the convertible note we look for innovative and unique programs that have demonstrated the ability to have a significant, positive impact in the Canadian startup ecosystem. We believe CMF meets these criteria,” stated Dominique Bélanger, the VP of strategic investments and partnerships at BDC Capital. “We are excited to partner with CMF and look forward to helping the best innovations fulfill their greatest potential.”