ConferenceCloud raises $90,000 in seed as MLA48’s third investment

Established in 2007, nonprofit Maple Leaf Angels was created with the mandate of connecting accredited investors with passionate entrepreneurs in the larger tech ecosystem; last year, the company kicked this commitment up a notch with the creation of MLA48, a fund dedicated to turning around investment decisions within 48 hours.

Today, MLA announced that ConferenceCloud, a virtual platform for Conference events, would be MLA48’s third investment. The company was founded last year by siblings Olivia and John-Alan Simmons, and allows conference organizers to monetize conference content online and sell tickets to virtual attendees from anywhere in the world. The platform aggregates interactive content, ticket sales, and virtual networking in one location. ConferenceCloud is a graduate of the 2015 University of Toronto Early Stage Technology (UTEST) program cohort.

“As an early-stage entrepreneur, you spend a lot of time waiting for decisions and responses.”

“Olivia and John-Alan are a star co-founding team and we look forward to seeing ConferenceCloud become the next success story in the Toronto start-up ecosystem,” said MLA48 managing director, Brandon Corman. “One of MLA48’s goals is to collaborate with university accelerators such as UTEST and give talented young entrepreneurs the financing to really think big.”

MLA48 considers investments of up to $60,000 for early stage startups that have yet to receive seed funding which, together with matching government grants, can total up to $120,000. The fund evaluates startups based on factors like founder experience, market size, expected growth rate, and potential exits. ConferenceCloud was part of the Founder Institute Toronto’s first cohort, and is the first FI Toronto graduate to close pre-seed funding.

CEO Olivia Simmons confirmed that ConferenceCloud received $60,000 from MLA48, and $30,000 from the UTEST program. She said the team plans to use the money to secure OCE Market Readiness Funding early in 2016, while also significantly growing their sales and client pipeline.

“MLA is an exceptional group of distinguished individuals with a vast array of backgrounds to learn from. Our experience with MLA48 throughout the process was supportive, informative, and motivational,” said Olivia Simmons, CEO of ConferenceCloud. “They worked hard to understand our business and provided invaluable advice. As an early-stage entrepreneur, you spend a lot of time waiting for decisions and responses. MLA48’s dedication to fast decisions puts them a cut above the rest.”

Related: Sharethebus raises $750,000 seed round from Maple Leaf Angels’ MLA48

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor.