Volta Labs is launching a new program, Volta Cohort, designed to help early stage, high calibre founders attract and secure venture capital sooner. The new program will provide investments of $25,000 to up to five companies each cohort through a micro-fund cofounded by Volta, BDC Capital, the investment arm of BDC, and Innovacorp.
The announcement was made on Tuesday (October 10) at the annual DemoCamp event in Halifax in front of more than 175 members of the regional start-up community. This new program will enhance Volta’s commitment to developing world class founders in Atlantic Canada.
“Our goal is to accelerate the growth and success of startups in Atlantic Canada,” said Jesse Rodgers, CEO of Volta. “One of the challenges founders face in Atlantic Canada is access to early stage investment. With this new program, we are now able to provide these companies with the resources they need to develop their products and expand operations. Programs like this help to establish Atlantic Canada as a regional hub for technology entrepreneurs.”
Volta Cohort participants are selected through an application process that runs twice a year. Every six months, Volta will host a pitch event to determine who is accepted into the program and only those chosen through the application process are eligible to participate. Up to 15 high potential applicants will be invited to a one-day prep session at least two weeks prior to the selection event to prepare the founders and increase their chances of success.
Companies receiving investment are given space at Volta Labs and will have access to a board of mentors comprised of CEOs and founders of Volta’s resident and alumni companies. The board will meet with each company every two months and hold the company accountable for agreed upon milestones and metrics. Between meetings, the companies have access to all relevant programming and support Volta provides.
For companies outside of Halifax, support will be arranged with partnering organizations in other cities across Atlantic Canada.
The collaboration between Volta, BDC Capital, and Innovacorp will ensure start-up founders across the region have provincial, regional and national organizations committed to their success.
BDC Capital’s involvement in Volta Cohort is spearheaded by its Strategic Investments team, which is led by Michelle Scarborough.
“This financing, and the coaching that comes with it, will help some of the most promising first-time founders across Atlantic Canada turn their start-up ideas into actual revenue-generating businesses,” said Michelle Scarborough, managing director, strategic investments, BDC Capital. “The new collaboration with Volta Labs, and the other partnerships and initiatives we already have in the region, are all part of BDC Capital’s strategy to strengthen the ecosystem in Atlantic Canada so that it might nurture more technology companies and scale more of them up into global winners.”
“Volta is engaging with start-ups at the very early stages, so they’re the perfect managers for this new fund,” said Charles Baxter, vice president of investment at Innovacorp. “Innovacorp has already invested in several Volta companies and we expect Volta Cohort will lead to new investment opportunities for us as the participating ventures mature.”
About Volta Labs
Volta is a vibrant super hub for tech companies, 600 network members, and corporate innovation partners, located downtown Halifax, Nova Scotia. Volta provides world-class mentorship and support to new and growing start-ups and is a place where they can learn from each other, grow their companies and expand to global markets. www.voltaeffect.com
About BDC Capital
With more than $2 billion under management, BDC Capital is the investment arm of BDC, serving as a strategic partner to Canada’s most innovative and high potential firms. It offers a range of equity, venture capital and flexible growth and transition capital solutions to help Canadian entrepreneurs scale their businesses into global champions. www.bdc.ca/capital
Innovacorp is Nova Scotia's early stage venture capital organization. It finds, funds and fosters innovative Nova Scotia start-ups that strive to change the world. The goal is to help those companies commercialize their technologies and succeed in the global marketplace. In addition to risk capital, Innovacorp gives entrepreneurs access to world-class incubation facilities, expert advice and other support to help accelerate their companies. www.innovacorp.ca
For more information, please contact:
PR Manager, Volta Labs
902.702.0194 ext. 103
October 11, 2017, Halifax, Nova Scotia