BDC Venture Capital is continuing its support for the Canadian startup ecosystem, today the organization announced it has committed $5 million to TandemLaunch, a Montréal-based ideation company that will in turn invest in emerging consumer electronics and multimedia technologies and create up to a dozen new Canadian companies.
According the a statement from the organization, their mandate is:
will identify promising consumer electronics and multimedia projects globally, provides them with growth opportunities by leveraging its deep industry connections, and then spins them out into successful and innovative new companies. BDC Venture Capital’s investment has been matched in the amount of an additional $5 million from angels and strategic advisors. TandemLaunch is aiming for a final closing of $15 million in total from both institutional and private investors.
“The success of Canadian business competitiveness is built on a strong entrepreneurial culture and well-established networks that link investors to creative companies,” said the Honourable James Moore, Minister of Industry. “Our government believes in Canadian innovation and this investment promotes a vibrant venture capital system, here at home.”
It should be interesting to see what comes out of TandemLaunch in the coming months, let’s home they don’t screw up the public relations as bad as fellow Montreal-based FounderFuel.