One of Quebec’s most forward-thinking startup co-creators has officially closed its latest fund. Monreal’s TandemLaunch officially closed its Venture II fund Tuesday at $15 million.
BDC Capital upped ante with more funding to help TandemLaunch reach the finish line, increasing their stake to $4.9 million, or a third of the entire fund. New contributions from international investors in China, the Republic of Singapore, the United Kingdom and United States also came.
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“We are very pleased by the ongoing support of BDC Capital and are excited to welcome a growing number of investors from Canada and abroad,” said Helge Seetzen, General Partner of TandemLaunch. “Our unique model allows us to bring our investor’s capital, network and depth of experience to entrepreneurs and technologists early in the start-up process. With their contribution and support, TandemLaunch Ventures Fund II is well positioned to nurture a whole new crop of innovative Canadian start-ups.”
TandemLaunch announced the first closing of the fund in May 2016. A total of 44 investors took part, including Lune Rouge Innovation, founded by Guy Laliberté, and Speed of Trust Ventures, members of YUL Ventures, Nathalie Marcoux and Jean-François Grenon.
The organization wrote that it will now look to create “at least another dozen new ventures” with the new fund through its usual method. TandemLaunch typically identifies promising tech from universities around the world, headhunts talent and contributes seed capital.
Portfolio companies are also provided access to TandemLaunch’s in-house staff, facilities, mentors and industry partners. The objective of the fund is to create companies that “develop strong intellectual property with the potential for global commercialization.”