Archived — Government of Canada Announces Support for Two Toronto Start-up Businesses
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(L-R) Jason Yuen, Chief Technology Officer, Nulogy Corporation, Marc Castel, Chief Executive Officer, Maintenance Assistant Inc., the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), Joe Daniel, Member of Parliament for Don Valley East and Daniel Klass, Managing Partner and Founder, Klass Capital. Source: FedDev Ontario
For immediate release
June 20, 2011
Toronto, Ontario – 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. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.
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For media enquiries:
Director of Communications
Office of the Honourable Gary Goodyear
Investing in Business Innovation
FedDev Ontario' s Investing in Business Innovation is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. Funding under the initiative is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds.
Applications for funding are being accepted and assessed on an ongoing basis. For more information and to apply, please refer to the program guidelines available on the FedDev Ontario web site at www.feddevontario.gc.ca.
Contribution to Nulogy Corporation
Founded in 2002, Nulogy has made a niche for itself in the competitive and growing contract packaging industry. The high-tech company provides cloud-computing software for real-time management of inventory, production, costing and quoting to clients around the world.
FedDev 0ntario is providing Nulogy with a repayable contribution of up to $954,687 to help them research, develop and bring their new 'PackShop' software to market. This innovative software will allow retailers, marketers and manufacturers to customize the design of product packaging and displays. The support from FedDev Ontario will give Nulogy a competitive edge in being first to market and is expected to help the company create an additional 40 full-time jobs. More information is available at www.nulogy.com.
Contribution to Maintenance Assistant Inc.
Maintenance Assistant began offering free online software in 2008 to help commercial users manage their equipment and assets. They have since grown to become an international provider of Enterprise Asset Management software to thousands of customers in more than 150 countries.
FedDev Ontario' s repayable contribution of up to $975,000 will help Maintenance Assistant expand its product line to offer clients more online functions for tracking the maintenance and servicing requirements of production machinery, office equipment, vehicles and supplies. The software will benefit users and generate revenue for the company. The financial boost from FedDev Ontario will accelerate the development of the online features and is expected to create 10 full-time jobs at the company. More information is available at www.maintenanceassistant.com.
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