Toronto and New York-based investment fund BrandProject LP has secured $3 million in funding from the Business Development Bank of Canada (BDC).
BrandProject is a new venture that invests in early-stage consumer products and technology companies. It seeks to make equity investments in “disruptive Internet-enabled consumer products and consumer services businesses.” In August the firm closed a $12 million funding round from over a dozen angel investors.
“BrandProject’s platform brings together the creativity, talent, resources, financing, and experience required to help entrepreneurs succeed,” said BDC Venture Capital’s Dominique Bélanger. “What’s more, BrandProject is backed by a team with strong and deep expertise in consumer products and consumer technology from across North America. Their hands-on approach, extensive network, valuable experience and solid track record will be key to the success of BrandProject.”
The BDC’s $3 million comes from the Government of Canada’s efforts to promote a more innovative economy through more capital and resources. In the Economic Action Plan 2013 the federal government requested the BDC to invest $100 million in additional funds in startups, including those graduating from business accelerators.
BrandProject evolved from Blackpoynt Brand Ventures, a “leader in creating value and growing branded consumer businesses” founded in 2009 by Andrew Black. Its portfolio includes Awake Chocolate, Brika, Hello Products and The Coveteur.
“We are thrilled to have BDC Venture Capital as a strategic investor in BrandProject,” said BrandProject CEO Andrew Black. “We are working with talented entrepreneurs to create a portfolio of compelling, disruptive consumer brands that are transforming their markets. BDC Venture Capital’s support and extensive network will allow us to create brands consumers love.”
BDC frequently provides $150,000 convertible notes for startups in several of Canada’s startup accelerators, such as Growlab, Extreme Startups, HYPERDRIVE, FounderFuel, Propel ICT and Execution Labs.
