Accelerate Fund
Highlights
This program is designed specifically for Alberta tech startups like yours. It offers early-stage growth financing to help you prepare for future venture capital funding. If your business is in information and communications technology, energy technology, life sciences, agriculture, or biotech, this program is a perfect fit.
Why should you apply?
- Access to $250,000 in initial funding: This can be matched by angel or private co-investors, potentially doubling or tripling your investment.
- Mentorship and support: Beyond financing, you will receive guidance from experienced technology entrepreneurs, including business advice and industry connections.
- Collaboration opportunities: The program encourages collaboration with multiple investors, enhancing your network and increasing your chances of success.
What’s in it for you?
- Growth acceleration: The funding will help you scale your business and prepare for larger VC rounds.
- Expert advice: Benefit from the knowledge and experience of Yaletown Partners and the A100 members.
- Easy qualification: If your business is private, incorporated, and based in Alberta, you likely qualify for this program.
By being approved, you gain not just financial support but also a strategic partner committed to your success. This program is a straightforward way to secure the resources and expertise you need to grow your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan typically involves an initial investment of $250,000.
- Matching funds from angel or private co-investors are required.
- Interest rates and specific repayment terms are determined on a case-by-case basis, depending on the agreement with co-investors.
Eligible Expenses:
- Funds can be used for early-stage growth financing.
- Applicable to Alberta-based tech startups in sectors like information and communications technology, energy technology, life sciences, agriculture, and biotech.
- Eligible expenses include product development, market expansion, and scaling operations.
Use of Funds:
- Funds cannot be used for non-business-related expenses.
- The loan should not be used for personal expenses, unrelated business ventures, or non-eligible sectors.
Fees:
- No specific fees are mentioned for the application or administration of the loan.
- Any additional fees would be outlined during the investment agreement process.
Qualifications
- Must be an Alberta-based tech startup.
- Must be an early-stage startup.
- Must operate in B2B sectors.
- Must have proven product demand.
- Must be seeking early-stage growth financing.
- Must be a private company.
- Must be incorporated.
- Must have a head office in Alberta.
- Must have more than 50% of employees located in Alberta.
Must be in the fields of information and communications technology, energy technology, life sciences, agriculture, or biotech.
Disqualifications:
- Businesses not based in Alberta.
- Businesses without a proven product demand.
- Businesses not in the specified tech sectors.
- Businesses with less than 50% of employees in Alberta.
- Businesses that are not private or incorporated.
Description
If your Alberta-based tech startup is looking for early-stage capital to grow, this program is a great opportunity. You can receive up to $250,000 in funding. This money can help you expand your business, develop new products, or scale your operations.
The best part? This funding is designed to prepare you for future venture capital investments. It helps you get ready for the next big step in your business journey. The program also requires matching funds from angel or private co-investors, which can multiply your investment by two to three times.
Beyond the financial support, you will also gain access to mentorship and business advice from experienced technology entrepreneurs. This includes connections to key industry contacts and support in governance at the board level. This combination of funding and mentorship can give your business the boost it needs to succeed.
Program Steps
Prepare Business Documentation:
- Financial statements
- Business plan
- Proof of Alberta-based operations (e.g., incorporation documents)
- Employee details (to confirm more than 50% are located in Alberta)
- Evidence of product demand
- Details of current investors or co-investors
Complete the Application Form: Fill out the application form provided by the Accelerate Fund III. Ensure all sections are completed accurately.
Submit the Application: Send the completed application form along with the prepared documentation to the Accelerate Fund III team.
Engage with the Investment Team: Be prepared for follow-up discussions with the investment team. They may request additional information or clarification on certain aspects of your application.
Participate in Due Diligence: Cooperate with the due diligence process conducted by Yaletown Partners. This may include providing further financial details, business forecasts, and market analysis.
Secure Matching Funds: Ensure you have matching funds from angel or private co-investors. This is a requirement for the Accelerate Fund III investment.
Review and Finalize Terms: Once your application is approved, review the investment terms and conditions. Discuss any questions or concerns with the investment team.
Receive Funding: Upon agreement of the terms, the funds will be disbursed to your business. Use the funds as outlined in your business plan to support early-stage growth.
Leverage Mentorship and Support: Take advantage of the coaching, mentorship, and support provided by Yaletown, the A100 Industry Chair, and A100 members. This can include business advice, industry connections, and governance support.