The first phase of the Investing in Business Innovation Canadian business grants and loans program is positioned to make a big impact on small businesses in southern Ontario, including most recently healthcare solutions businesses in London and Toronto.
London Ontario Cancer Treatment Receives Backing from FedDev Ontario and Venture Capital
Trillium Therapeutics Incorporated was the recipient of $575,139 from FedDev Ontario through the Investing in Business Innovation (IBI) program as well as an additional $2 million in funding through Covington Capital, Growth Works, and BDC Venture Capital. The contribution was a part of the $57 million in funding provided through Investing in Business Innovation (IBI), a federal funding program that provides financial support and mentorship to early stage, high-growth businesses, as well as not-for-profits. IBI has also provided more than $13 million to Angel Networks.
London Ontario Firm Puts Canadian Government Funding to Good Use
The repayable contribution of more than half a million dollars has put the funds toward clinical testing of a treatment for a chronic and painful bladder diseases which affects millions of women in North America.
Toronto-Based Health-care Solutions Firm, Axela Incorporated Leverages IBI and Venture Capital
Axela Inc. develops novel molecular diagnostic tools and partners with international companies and laboratories to commercialize clinical tests and instrument solutions. The firm received a repayable contribution of $708,333 to expand the capabilities of its clinical analyzers. In addition to these funds offered through FedDev Ontario’s IBI program the firm also received a $2,125,000 venture capital investment through Covington Capital.
Toronto’s Axela Inc. Monitors Progression of Cancers, Infections & Other Diseases
Axela’s products can predict risk, diagnose, and monitor the progression of diseases and infections by measuring 100+ genes or proteins simultaneously.
Details on FedDev’s Investing in Business Innovation Funding Program
FedDev Ontario’s Investing in Business Innovation program accepts applications from early-stage businesses with less than 50 employees. In addition to Canadian small business loans the program also has two additional streams of funding which includes IBI funding for not-for-profit organizations as well as IBI funding for Angel Networks.
Attend a Free “New FedDev Funding for Large-scale Projects Informational Webinar”
Mentor Works offers free informational webinars on funding for large-scale projects available through FedDev Ontario. Learn more about Mentor Works workshops and webinars, and sign up today.