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November 29, 2008 / Boris Mann

Montreal Startup closes an additional $2 Million

Several people have sent this along to us already. We’ve definitely been looking at Montreal Startup’s model as we explore the details of how to set up Bootup Labs. I caught up with John Stokes and Austin Hill at the Banff Venture Forum and got some good detail on their progress. They’ve been spending a lot of time building support at the provincial level, and of course cultivating their local ecosystem.

» Montreal Start Up raises another $2M | StartupNorth

Montreal Start Up announced today the closing of an additional $2,000,000 for its venture fund from the Solidarity Fund QFL, bringing total assets under management to $5,000,000. The Solidarity Fund QFL joins Investissement Québec, la Conférence Régional des Élus, and 20 of Montreal’s most successful entrepreneurs and investors who partnered with Montreal Start Up to address the need for more early stage capital and mentoring.

“We have met with hundreds of entrepreneurs since our launch and the quality and creativity of the ideas we are seeing is constantly improving. We were having to turn down good deals because of the limited amounts of capital available to us. The support of Solidarity Fund QFL will allow us to support more of Montreal’s best startup companies.” John Stokes, Montreal Start Up

Also revealed were Montreal Start Up’s four latest investments: Mobilize Central, KeenKong, The Book Oven, and Oneeko all of which are based in Montreal. These investments are in addition to its previously announced investments in Standout Jobs and Akoha.

We don’t yet have enough data to see if this new model “works” from Montreal Startup, but similar models like Y Combinator and Techstars do have enough data to show success. I firmly believe that these relatively small, very early stage investments “prime the pump” for a cycle of entrepreneurs starting companies, learning from the experience, and doing it again.

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