Welcome to our weekly Canadian start-up news segment where we bring you the most critical events in the world of Canadian start-ups. We cover all major cities in Canada, mainly Toronto, Montreal & Vancouver and other emerging start-up scenes.

OTTAWA BOARD OF TRADE & WORLD TRADE CENTRE TORONTO WILL LAUNCH A TECH-SPECIFIC ACCELERATOR

Toronto’s World Trade Center, is working with the Ottawa Board of Trade, to launch the 2021 edition of the Trade Accelerator Program (TAP) focussed on tech specifically.

This tech accelerator program will be offering local startups and companies the opportunity to network, while learning about exporting and how to accelerate their growth. The program is open to companies across the entire province of Ontario.

“The TAP program claims over its five-year history that 71 percent of its graduates are now actively exporting in international markets.”

The criterias for elidgibility for this cohort includes having pre-revenue to $250,000, demonstration of funding of at least $2 million, sales from $250,000-500,000, and having taken exploratory steps to develop business abroad or already exporting. For the full eligibility criteria for the program visit the World Trade Centre Toronto website.

This well renowned canadian accelerator program claims over its history that 71 percent of its graduates are now actively exporting in international markets, while 33 percent experienced average growth in export revenue and 21 percent growth in total revenue after just one year.

The TAP program also offers access to its online platform, which features a digital library of information related to exporting products and managing a business, the opportunity to speak to international trade experts, one-on-one coaching sessions with experienced teachers, and flexibility to attend sessions from either home or from the office.

For further info: https://betakit.com/world-trade-centre-toronto-and-ottawa-board-of-trade-launching-tech-specific-accelerator/

EDTECH STARTUP PRODIGY EDUCATION RAISES $159 MILLION CAD

This week, Ontario based EdTech startup Prodigy Education, which offers an e-learning platform for elementary and middle school students, has raised a $159 million CAD Series B round of financing.

Prodigy Education recently started expanded internationally: to countries such as India, Australia, and the United Kingdom.

Founded in 2011, Prodigy aims to connect students, parents, teachers, and school districts with online educational ressources. The startup’s primary offering is a free-to-use learning software platform that offers math-focused educational games for elementary and middle-school students.

Prodigy’s Series B round marks a sizable raise in the Canadian EdTech space. The ed tech startup claims it has grown from 3,000 users to more than 100 million globally over the last nine years.

”Throughout the global pandemic, education systems globally have been presented with a new set of challenges. At the same time, the demand for digital-first and remote learning solutions has risen sharply as a result”

According to the Globe, Prodigy saw an initial downturn in usage at the onset of the pandemic but later saw usage grow as parents turned to the platform. The Globe also reported that following the investment, the startup plans to double its 400-person team to 800 in 2021.

For more information visit: https://betakit.com/edtech-startup-prodigy-education-raises-159-million-cad-series-b-round/

CANADA NATIONAL BANK LAUNCHES $200 MILLION SME GROWTH FUND

Last week, the National Bank of Canada has completed its initial capitalization of $200 million for the National Bank SME Growth Fund.

In the talks since July, The National Bank has announced a new venture capital fund partnership with the Quebec government to support the digital transformation of small to medium-sized enterprises and their recovery following the global pandemic. The fund has attracted over 245 investors across the country.

“We’re proud to be able to contribute to the economic recovery and the vitality of the regions.”

The fund is offically open, and businesses can now apply for financing. This funding effort is meant to support businesses with their transfer, growth, and acquisition projects.

To be eligible, businesses must have assets of less than $200 million or a net worth of less than $100 million, request financing between $500,000 and $15 million.

Other factors to take in account for qualifications are: having a detailed business plan and project plan, having growth prospects, and being a private company with an adequate capital structure, that has been profitable in two of the last three years or have had sustained and significant sales growth over this period.

The SME Growth Fund will allow us to offer concrete solutions to help them seize new development opportunities. We’re proud to be able to contribute to the economic recovery and the vitality of the regions.”

said Luc Ménard,

According to an April report from Startup Genome, 58 percent of startups in Canada said their industry had been “affected significantly” by the COVID-19 crisis, seven percentage points higher than the global average.

As of October 2020, the National Bank of Canada held $332 billion in assets and employs more than 26,500 people in the country.

For more information: https://betakit.com/national-bank-formally-launches-200-million-sme-growth-fund-with-initial-investments/

Stay tuned for round-the-clock updates and up-to-the-minute news from the world of Canadian start-ups.