FundingAwards – Who got Funded – Week of May 11


Overall Disbursements: Funding from federal and provincial governments reached $68.3M this week, compared to $31.9M last week.

Top Sector: Academic & Research is the top sector this week, attracting $61.6M, 90% of the total amount disbursed.

Top Region: Ontario is the top province this week, attracting 88% of the total amount disbursed.

Top Recipients in Ontario:

  • Industry: No new awards this week. View The Funding Index to see how much money flows to Ontario businesses.
  • Hospitals, Universities, Research Centres & Industry Associations: The National Research Council of Canada’s research facilities receive $60M to fund major infrastructure.
  • Charities, Non-Profits & Public Sector: The CariFestival Association receives $17.3k from Canadian Heritage to support the 5th edition of CariFestival in Vaughan.

Funding Disbursed by Industry Sector:


Funding Disbursed by Province:


To receive daily reports on which organizations received funding in Canada, subscribe to The Funding Portal’s FundingAwards™ service.

6 provinces to adopt crowdfunding exemptions


Startups and early-stage businesses in B.C., Saskatchewan, Manitoba, Quebec, New Brunswick, and Nova Scotia will soon be able to raise capital through crowdfunding, securities regulators announced Friday.

Quick Facts

  • Startups will be allowed to raise up to $500k per year, but no more than $250k per offering.
  • The crowdfunding activities must take place on approved crowdfunding portals.
  • No individual will be allowed to invest more than $1,500 per distribution.
  • Investors will have the right to withdraw their investment within 48 hours.
  • These rules are only applicable to startups and early-stage businesses.
  • An exemption for larger companies (those that have already registered to distribute issuers) is expected to be published separately.
  • Ontario is expected to issue its own exemption, which would cover both startups and larger companies, and would allow them to raise up to $1.5M per year.
  • Crowdfunding has been authorized in Saskatchewan since December 2013, however it is now harmonizing with the five other provinces listed above.


Capital Markets News Roundup – Week of May 11

  • Tech
    • McRock iNFund LP, an Industrial Internet of Things (IIoT) VC fund managed by McRock Capital, participated in the $6M Series A financing of mnubo, a data analytics startup, alongside White Star Capital.
    • Burnaby-based Bit Stew Systems raised a $17.2M USD Series B round from GE, Cisco Investments, Yaletown Venture Partners, BDC Capital, and others.
    • Wave Accounting closed a $10M Series C investment from CRV, The Social+Capital Partnership, OMERS Ventures, and an unknown strategic fintech investor.


FundingSources – Must Reads – Week of May 11

  • EDC. After years of minimal export expansion, the international sales of Quebec companies are forecast to have two years of solid growth this year and next according to Export Development Canada.
  • PEI. The deadline for Innovation PEI’s Ignition Fund is June 1.

QP Briefing: Wynne, Sousa in NYC to bond over the economy


By Geoff Zochodne, posted with permission from QP Briefing

Premier Kathleen Wynne and Finance Minister Charles Sousa will hit New York tomorrow1 to meet with business leaders and investors from the Big Apple, with a goal of  enticing them to take another bite of the province’s bonds.

Wynne is scheduled to give “a keynote speech on Ontario’s economic plan” Thursday to the Canadian Association of New York. There will also be a discussion panel in front of investors and others at the Nasdaq  stock exchange.

Sousa said he will be meeting with bond issuers while in New York, and that his “primary focus” will be dealing with the business community and protecting the province’s market value.”Ontario is well-regarded. Our bonds and our issues are highly sought-after,” Sousa told reporters.

One type of bond that has been in high demand among investors is the province’s Green Bonds, which are used to finance transit and environmentally-friendly projects. The Liberal government has laid out a 10-year, $130-billion infrastructure program it needs to fund, and Green Bonds are part of the solution for transit projects.

The first round of Green Bonds was a $500-million issue last October that  was swamped with $2.4 billion in orders. According to the budget, Canadian, American, European and Asian investors all got in on the deal.

“It was oversubscribed,” Sousa said. “Green Bonds are a very attractive means by which to provide for some sorts of capital.”

The Eglinton Crosstown Light Rail Transit Project was the first project to be funded with Green Bonds. Another issue is planned for the 2015-16 fiscal year.

Sousa credited Ontario’s economic recovery from the recession, its ability to service debt and an economy projected to be the fastest- or among the fastest-growing in the country as adding to the attractiveness of its debt.

The Liberal government must also finagle an initial public offering for Hydro One stock, with the ultimate goal of selling 60 per cent of the company for an estimated $9-billion. A Bloomberg report in April said2 the government had invited Wall Street firm Goldman Sachs, Barclays and six of Canada’s biggest banks to bid on setting up the IPO.

Sousa  met with ratings agencies in Ontario following the release of his budget in April. One agency, Moody’s, has said it  continues to see risks in the province’s budget as the government works to eliminate its $10.9-billion deficit.

After the stop in New York, Wynne will head to Washington to meet with “key decision-makers” in the U.S. government. The premier has speeches scheduled at the Permanent Council of the Organization of American States, as well as at the Woodrow Wilson Center’s Canada Institute, “where she will outline how unprecedented investments in infrastructure and Ontario’s actions on climate change will pave the way for a more sustainable future for the region,” a release said.



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Ontario launching new $20M health innovation fund


Healthtech innovators in Ontario will soon benefit from the creation of the $20 million Health Technology Innovation Evaluation Fund, the Government of Ontario announced Thursday.

Quick Facts

  • The Fund will disburse $20M in funding to made-in-Ontario technologies over a four-year period.
  • The program will support pre-market evaluations and early adoption of innovative healthtech solutions.
  • The first evaluations are expected to be underway by the end of the year.
  • The Fund is one of the six recommendations from the Ontario Health Innovation Council (OHIC), established in November 2013.
  • The Council’s recommendations focused on supporting more Ontario-made health technologies, improving patient care, and spurring economic growth.
  • A dedicated Office of the Chief Health Innovation Strategist will also be created to champion Ontario as a centre for healthtech innovation.

OHIC report $20M fund info

Visit the Portal’s Healthtech site, a joint venture with the University Health Network (UHN), to find funding for your healthtech innovation today.