Alberta-based tech hub Startup TNT has published its annual report for 2022 that maps the organization’s expansion within the Prairies and $3 million invested into startups from across the region.
In 2022, Startup TNT claims that it helped raise over $3 million for 28 new Prairie startups and secure $229,000 in follow-on investments for five rounds. To compare, Startup TNT invested $2.6 million into 26 companies in 2021.
Startup TNT launched a venture capital fund that has made investments into seven summit winners.
Since its inception in 2019, Startup TNT has raised over $9 million for 65 companies from a network of more than 250 investors. Some of the startups that Startup TNT helped to raise capital in the past are Fidu, Goodlawyer, and Nimble.
The organization hosts semi-annual summits that are meant to help raise angel capital for startups. Startup TNT also organizes weekly meetups to connect entrepreneurs and investors. Additionally, Startup TNT runs an investor training program and specialized summits for life sciences and cleantech.
Last year, Startup TNT received $1.5 million in program funding from federal and provincial government agencies to support its work through 2025.
Founded in Edmonton, Startup TNT is now live across all three provinces in the Prairies: Alberta, Manitoba, and Saskatchewan. The organization expanded to Manitoba in the fall of 2022 where it held its first investment summit in Winnipeg.
Startup TNT made its entry into Saskatchewan in 2021. In the past year that Startup TNT has been in Saskatchewan, the organization claims to have raised $1.29 million for 12 startups based in the province. Startup TNT said the funding came from 26 local angel investors and 57 out-of-province investors.
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Startup TNT also launched its own venture capital fund in 2022. According to the organization, TNT Capital Fund I invests in all winners of its investment summits alongside angel investors.
TNT Capital Fund I has made investments into seven summit winners since its launch. The fund invests $50,000 into each winner from Summit V (Q2 2022) until Summit X (Q4 2024). The fund can then invest $150,000 to $250,000 into the winners’ Series A rounds, alongside angel investors who choose to make follow-on deals.
As for its plans this year, Startup TNT said it aims to close its VC fund and make more than 10 investments.
Startup TNT co-founders Zack Storms and Tim Lynn revealed plans to raise a Startup TNT venture fund in early 2022. The pair teased the fund on-stage at Summit V, with the aim to secure $5 million in an effort to continue investing in Startup TNT companies in an institutionalized way.
Featured image courtesy Startup TNT.