January has certainly been a strong month for raising fundsand overall startup growth across Canada, and today there’s a new startup accelerator program rolling into town as Extreme Startups opens its doors. The new program brings with it $7 million in funding, which it says will offer up to $200,000 per startup, an initial investment of $50,000, with up to $150,000 in a convertible note provided by BDC.
“Extreme University has been Toronto’s longest-running startup accelerator program and has been a successful breeding ground for the new generation of technology startups,” said Amar Varma, co-founder of Extreme Venture Partners. “Building on this success, we are expanding into a year-round program and providing promising entrepreneurs with even deeper access to funding, industry connections, and mentorship.”
Other investors in the new fund include Extreme Venture Partners, RHO Canada Ventures, BlackBerry Partners Fund, OMERS, and BDC. According to their release, the program will admit 2 cohorts of 5 companies per year. The participating companies will receive attention and access to mentor resources, and part of their weekly “startup school” sessions . Dan Debow who recently sold his company Rypple to Salesforce.com has signed on to be an inaugural cohort as the “Entrepreneur Link.
Applications open today and close March 1, 2012 for the spring 2012 cohort commencing on March 19, 2012. Teams may apply on the Extreme Startups website.