The Government of Canada has invested in the Peterborough Region Angel Network (PRAN), a not-for-profit angel network that connects investors from the Peterborough area with early-stage companies that are commercializing innovative technologies, to help early-stage businesses get the tools they need to become more competitive and successful. PRAN has up to $300,000 to attract and retain angel investor members, increase the pool of available angel investment funds, and improve mentoring support to early-stage, high-growth companies in southern Ontario.
“FedDev Ontario funding, in addition to membership fees, enables the Peterborough Region Angel Network to pursue its mission of facilitating innovation, research and economic development. It does this through mentorship, business counsel and investment capital in early-stage regional growth companies. Importantly as well, FedDev Ontario funding has enabled the network to support and solidify a close relationship with the Greater Peterborough Innovation Cluster, leading to greater outreach, visibility and more efficient resource utilization.”
– Yves Lafortune, Executive Director, Peterborough Region Angel Network
This non-repayable contribution comes from FedDev Ontario’s Investing in Business Innovation initiative and aims to make Canada a global centre for innovation. PRAN will help to create jobs, drive growth across all industries, and improve the lives of all Canadians, all in line with the Government’s Innovation Agenda. This investment also helps to foster an entrepreneurial and creative society, and grow companies; two key pillars of the Innovation Agenda. PRAN expects to attract up to 25 new angel investors, as well as up to $2.25 million in new investment for up to nine early-stage businesses.
PRAN grew its membership by 13 registered accredited investors previously when the network received $275,000 from FedDev Ontario’s Investing in Business Innovation initiative.