In continued efforts to invest in Sudbury’s burgeoning start-up tech ecosystem, NORCAT is excited to celebrate the launch of the Sudbury Catalyst Fund (SCF), a unique $5 million venture capital fund administered by the Nickel Basin Federal Development Corporation in collaboration with the City of Greater Sudbury, FedNor, and NORCAT. Established with the goal to accelerate the growth of scalable tech start-ups, the SCF brings together a variety of partners and angel investors eager to build Northern Ontario’s entrepreneurial ecosystem by investing in and supporting a diversified portfolio of high-growth companies.
In this morning’s announcement, Sudbury Catalyst Fund founder and co-managing director Don Duval stated, "As a regional innovation centre, NORCAT’s mandate is to help start and accelerate the growth of innovative tech companies that will drive future economic and social prosperity for Canada. Beyond providing much needed capital for high potential start-ups, we are also very proud of the unique structure and operating model of this community-centric fund that helps engage and unlock the dormant wealth of local angel investors that care about the future prosperity of our community".
In the release announcing the launch of the fund, local Sudbury MP Paul Lefebvre cited "Sudbury is a hotbed for business start-ups with high growth potential and this investment will help local companies take it to the next level". Aligned to this, Paul Reid, Chair of the Nickel Basin Federal Development Corporation declared "Today’s announcement supports fledgling businesses striving to develop their business ideas or to expand operations in Northeastern Ontario. This funding is a strong show of support from FedNor and demonstrates confidence in our organization and the work we do to provide entrepreneurs with access to the resources and tools they need to grow, innovate, and succeed."
The Sudbury Catalyst Fund will co-invest in early-stage tech companies across multiple sectors including, but not limited to, mining, construction, forestry, medtech, software, and advanced manufacturing. The primary focus will be investing in high potential ventures that have both cumulative revenues and capital raised equating to less than $1M. To qualify for consideration by the SCF investment committee, interested companies must have qualified investment interest from angel investors and a commitment to operate the majority of the company’s operations in the City of Greater Sudbury.
For more information on the Sudbury Catalyst Fund, visit www.norcat.org/innovation/Sudbury-Catalyst-Fund.html