Here’s the startup news making headlines today on other Web sites and blogs. The rumoured demise of one VC fund, extra funding for two others, and a new CEO at Waterloo’s Accelerator Centre.
OVCFto get axed?
Is the Ontario VentureCapital Fund headed for the grave? Blogger Mark McQueenpoints out today that the fund has made only three financingcommitments in four years and with Queen’s Park tightening spending, rumours are rolling that theprovince will axe the fund once its currentfour-year mandate expires.
FounderFuel gets BDC help
Montreal-based accelerator FounderFuelis getting some help from the Business Development Bank of Canada.BDC will issue up to $6million in convertible notes to graduates of the programover the next two years. About 40 startups in the Web, mobile, SaaS andgaming sectors will be eligible for up to $150,000 each in the BDCnotes, which are short term loans that are usually converted intoequity shares once a startup company matures.
By FounderFuel on their blog
HOOPP invests in Klass VC Fund
The Healthcare of Ontario Pension Plan (HOOPP) is investing anundisclosed sum to boost the size of the Klass Capital Fund I LPto over $50 million. The fund was launched in 2010 to invest inCanadian software and Web-based startups. It has so far invested instartups such as Nulogy, Firmex and UnoApp. The new investment willallow the Klass fund to take an equity stake of between $2 million and$10 million each in new startups. Klass Capital also revealed that it’sclose to closing a $4-million financing deal “in the workflowmanagement space for large retailers” that will be announced soon.
By Klass Capital on BusinessWire
Ellis new CEO of Accelerator Centre
Waterloo,Ont.-based AcceleratorCentre has named Tim Ellis its new CEO. It’s a promotionfor Ellis, who was COO of the centre. He takes over from former CEO TimJackson, who left to become vice-president of university relations atthe University of Waterloo. Accelerator Centre helps develop andcommercialize early stage tech companies.