|MP Ellis Announces $2.7M in Venture Capital for Tech Firms in PEC|
Picton, Ontario, October 14th, 2016 – Neil Ellis, Member of Parliament for the Bay of Quinte Riding, today announced investments totaling $2,700,000 for 6 new Prince Edward County-based technology businesses resulting in the creation of 15 new jobs. Funds of $1,350,000 from PELA CFDC’s Upper Canada Equity Fund were matched by $1.35 million in additional investment from private sector investment partner, First Stone Venture Partners. Recipients include:
Nessis Inc. Nessis provides software and engineering services for the manufacturing sector. Their line of software tools transforms processes into real time media rich business systems to improve communication and streamline processes. They are the only Canadian company doing this type of work. This infusion of capital will go towards the development of new platforms and a more robust marketing and sales strategy.
Green Switch Inc. Green Switch has created a expandable modular unit that allows the user to control the technology in their home or business. The unit is easy to install, easy to use and aimed at filling a market need of -medium size companies, seniors, people on fixed incomes and techno-phobics.
Nectar Desk Inc. Nectar Desk is a Cloud-based Call Centre Software for small to medium size businesses (SMB) with teams of 5-25 agents in the Sales and Support role. The software enables enterprise-grade features for Small to Medium size businesses at an affordable price.
Mimetics Inc. Mimetics has developed a programmable robot aimed at students in Grades 2 – 12 to focus attention on STEM (Science, Technology Engineering & Mathematics) education. Jade Robot has a relatively low cost per student, integrates into the current student curriculum and is easy to set up for instructors. It is a fast, fun and inexpensive option for teaching all levels of students.
DOT Directory Inc. DOT is an online marketplace where shippers and carriers can find each other, communicate with each other and conduct business with each other enabling them to find the right truck at the right time, the right place and the right price. The DOT Directory gives them access to trucks that meet their needs.
Gomma Inc. Gomma™ produces engineered micro-cut material for a brand’s design program with 21st century look, feel and product attributes using the highest quality grade synthetic rubber available. It is wearable rubber. Gomma™ optimizes the pattern making process with their software and patented laser cutting process. All waste from one cutting can be used in another product. When the material is reconstituted, it does not degrade in quality and can be reused as a super-premium product.
PELA CFDC is based in southern Ontario and funded by the Community Futures Program through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). CFDCs deliver a wide variety of programs and services to support community economic development and small business growth. They employ local staff and are each governed by a volunteer board of directors, made up of local residents representing the community. In 2015, PELA CFDC received a non-repayable $5 million contribution through FedDev Ontario’s Investing in Regional Diversification (IRD) initiative, which was matched by a private sector investment from First Stone Venture Partners, to establish a $10 million Investment Fund to support venture capital investments in early stage technology SMEs.
First Stone Venture Partners Inc. is a private enterprise comprised of social entrepreneurs that have implemented a successful investment model, utilizing a multi-disciplined team to work with technology entrepreneurs in under-served rural communities and to fund companies at the right stage to accelerate growth.
“PELA CFDC is pleased to welcome these 6 new technology firms in our community. These investments help create jobs that make it possible for youth to return to our community and help build a vibrant rural economy.” said Angela Miller, Board Chair of PELA CFDC.
"Our vision is to help create sustainable ecosystems for innovative start-up's in non-urban communities by investing in entrepreneurial talent and innovative ideas. Our unique investment and support strategy accelerates early-stage companies while helping to diversify local economies for the long-term benefit of our communities and country. We're excited to continue our partnership with PELA CFDC in driving success for the region." said Mauro Lollo, President of First Stone Ventures.
MP Neil Ellis
Margo Langford, Partner, First Stone Venture Partners