Two Toronto companies will have greater opportunities to develop new technologies thanks to a Government of Canada investment of nearly $2 million announced today by the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
“The Government of Canada is investing in the people, businesses and communities of southern Ontario to create jobs and encourage economic growth,” said Minister Goodyear. “New businesses face many challenges getting access to capital. Today’s investment will help these companies develop new ideas and bring them to market.”
Nulogy Corporation will receive a contribution of up to $954,687, which will allow it to be first-to-market with its ‘PackShop’ software that is used to customize packaging design for marketers and retailers. The company has also received support from the growth equity investment company Klass Capital Corporation.
“Nulogy will use this financing to expand as we secure new customers and enter new markets around the world,” Jason Tham, Chief Executive Officer of Nulogy Corporation. “Living and investing locally, while competing globally, has always been important to us, and we are very grateful to be able to continue our journey with great partners like FedDev Ontario and Klass Capital.”
Maintenance Assistant Inc. will receive a contribution of up to $975,000 to enhance its Collaborative Computerized Maintenance Management software to help businesses better maintain equipment and machinery, as well as procure parts and services through a web-based format. The company has also received support from accredited angel investors.
“I am extremely pleased to receive this federal funding through Investing in Business Innovation,” said Marc Castel, Chief Executive Officer of Maintenance Assistant Inc. “In combination with our angel investment through the Golden Triangle Angel Network and the Niagara Angel Network, the government support will allow us to focus on our growth objectives and build a world-class enterprise software company for equipment maintenance.”
Investing in Business Innovation is a direct result of feedback from business leaders, academics and community leaders from across southern Ontario, who suggested FedDev Ontario take a leadership role in encouraging entrepreneurs and investors to take the risks necessary to put southern Ontario businesses on the map.
FedDev Ontario was created as part of Canada’s Economic Action Plan to support businesses and communities in southern Ontario. Now in its second year of operation, the Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to support businesses and other organizations through partnerships and investments in skills and training; innovation; research and development; and increased productivity.