Toronto-based Orchard Labs, the company that makes it easy for iPhone owners to sell their smartphone, has received $500,000 in funding from the Maple Leaf Angel membership and a number of independent angel investors. This investment was part of the MLA48, which is Canada’s first angel investment fund committed to providing 48-hour turnaround on investment decisions.
“The MLA 48 Fund’s investment process was clearly articulated at the very start, and I was always clear on where Orchard stood in that process,” said Alex Sebastian, co-founder of Orchard. “I am excited to work with the MLA team, who have the background and depth of experience to open doors for Orchard that would otherwise be unavailable.”
“The Orchard investment is a great start for MLA48 and the investment process was fast and efficient as planned,” said Brandon Corman, Managing Director of MLA48. “We believe that this first investment will entice more startups to apply to MLA48 both for rapid access to funding and to benefit from the mentorship, relationships, and experience of our membership. Our goal at MLA48 is to change the way founders think about raising money in Canada.”
Orchard was founded late 2012 by co-founders Alex Sebastian, Bruno Wong, and Hamza Javed. In our recent Due South article, Wong stated that the company has successfully sold $350,000 in iPhones in Canada and aims to crack the massive market in the United States. The secondhand smartphone market is estimated to be worth $14-billion each year.