"Since joining the
Investment Accelerator Fund (IAF)
in July, the most common question I've had from my contacts in the
venture capital and angel investing world is: 'Is the IAF going to be
making new investments?'"
writes Barry Gekiere, managing director of the IAF at MaRS. "The answer I want everyone to hear is: 'Yes!'"
The IAF announced on August 30 that it has a new endowment of $7 million in the fund to invest in innovative tech startups involved in the life sciences. According to
the criteria for the grants, funding of up to $500,000 is available to early stage companies that have the potential to be global leaders. "The capital is used to achieve meaningful milestones," he writes, "including market
validation and revenue traction in order to attract follow-on financing
or even acquisition interest." The fund is endowed by the provincial government and is intended to prepare companies for further investment from venture Capitlaists or Angels. So far, the fund has invested in 34 companies, the majority of which, according to Gekiere, have gone on to get investment from other funders.
Writer: Edward Keenan
Source: Barry Gekiere, Managing Director, Investment Accelerator Fund, MaRS