News and Events
Minister Goodyear & MP Kramp announce venture capital investments in Prince Edward County
Picton, Ontario, July 27, 2015
Today, FedDev Ontario Minister Gary Goodyear, along with Member of Parliament for Prince Edward-Hastings Daryl Kramp, announced venture capital investments totaling $900,000 for two new Prince Edward County-based technology businesses in partnership with private investment firm, First Stone Venture Partners.
Open Ocean Apps will be receiving a venture capital investment of $400,000 from the Prince Edward/Lennox & Addington Community Futures Development Corporation (PELA CFDC) and First Stone to expand their market by making their application, Pro Angler, available on Android phones and tablets, expanding the geographic area served as well as encompassing the birding and hunting markets.
Komodo OpenLab will be receiving a venture capital investment of $500,000 from PELA CFDC and First Stone to expand their device compatibility and introduce their product, Tecla, in global markets as well as continue to update the ever-changing operating systems.
The announcement of these two new businesses in Prince Edward County will create eight new jobs and is part of PELA CFDC’s strategy to attract new investment and young technology entrepreneurs and better diversify the local economy.
PELA CFDC delivers a wide variety of programs and services to support community economic development and small business growth.
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.
Open Ocean Apps is the creator of Pro Angler, the number one ranked fishing app in the U.S., providing anglers in Florida and Texas with comprehensive, real-time fishing information. Available on Apple itunes, Pro Angler is a premium all-in-one app that enables seasoned and novice anglers to classify, catch and cook more fish. Loaded with comprehensive information and tips from local professionals, the app includes a detailed species guide, angling techniques, GPS hot spots, weekly regional updates on “what’s biting” and real-time weather and condition reports.
Komodo OpenLab is the creator of Tecla, a set of hardware and software tools that changes the lives of people with physical disabilities who are unable to use touchscreens. These include people with mobility impairments from a stroke, spinal cord injuries, cerebral palsy, MS, ALS and many other conditions. Tecla allows its users to interact with their smartphones and tablets via adaptive controls they already use such as wheelchair joysticks, buttons, sipand-puff controllers or head arrays. With Tecla, users take full advantage of the independence and freedom offered by their mobile device. They can communicate via phone, email, text and social media, access the Internet, and control their smart home devices.
“The support CFDCs provide to rural communities and SMEs in southern Ontario is integral to economic development and job creation. Our Government is committed to supporting local businesses by providing them with the resources they need to compete globally and help create and retain jobs right here at home.” - The Honourable Gary Goodyear, Minister of State for FedDev Ontario.
"I am pleased to support businesses such as Komodo OpenLab, who provide tools for access to mobile devices for people with disabilities and Open Ocean Apps, who provide education and updates in an all-in-one app for seasoned and novice anglers. In believing in our entrepreneurs and small businesses, we can enrich our communities as they are the backbone of our economy." - Daryl Kramp, M.P.
“Thanks to the investment from PELA CFDC and First Stone, we have been able to hire local staff that helps create a constant stream of up-to-date content. This is absolutely vital in an information-based industry. This capital allows us to employee high-talented, local individuals. Because of our staff, we are able to produce the #1 fishing app; and we are able to compete at not just a national level, but at a global one!“ - Kyle Reid, CEO and co-founder of Pro Angler.
"We are excited to enter this partnership with PELA CFDC and First Stone, we look forward to growing Komodo in Prince Edward County and leverage First Stone expertise and resources to expand our reach globally." - Mauricio Meza, CEO of Komodo OpenLab
“PELA CFDC is pleased to work with First Stone Venture Partners on the first 2 of 25 investments in technology firms and welcomes Open Ocean and Komodo OpenLab to our community. We encourage other firms that seek equity capital in order to develop new products and expand into new markets to contact PELA CFDC staff in order to access investment funding.” - Angela Miller, Board Chair of PELA CFDC.
"We are particularly excited about commercializing Komodo OpenLab’s technology - that will increase access to mobile technology services and improve control over personal spaces for those with mobility challenges. Open Ocean Apps is ready to take its early success as the number one mobile fishing app in the US, to new markets and we believe that the First Stone team can help accelerate this market penetration." - Mauro Lollo, President of First Stone Venture Partners
MP Daryl Kramp
Craig Desjardins, Executive Director, PELA CFDC
613-476-7901 x 201
Margo Langford, Partner, First Stone Venture Partners