Archived — Government of Canada Supports Start-up Business in Toronto
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For immediate release
September 30, 2011
Toronto, Ontario — Chango, a leader in the emerging search retargeting market, will have greater opportunities to develop new technologies, thanks to a new Government of Canada investment. The announcement was made today by Mike Wallace, Member of Parliament for Burlington, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"Our government is working to ensure businesses in southern Ontario can continue to innovate, allowing the economy to grow now and into the future," said MP Wallace. "This investment will give Chango the tools it needs to be the first to market with ad targeting solutions, generating new opportunities for our region."
Chango will receive an investment of up to $978,333 through FedDev Ontario's Investing in Business Innovation.
The company provides a full-service solution for search retargeting to brands and agencies, which allow online marketers to better target their audience with product-specific ads based on website search trends in a particular area. This investment will support the research and development of Chango's real-time bidding software and significantly expand the company's growth and employment benefits. With increase in product demand, the company plans to create approximately 37 jobs in its Toronto office.
"I am very pleased to receive this federal funding through Investing in Business Innovation," said Chris Sukornyk, Chief Executive Officer of Chango Inc. "The funding will be used to accelerate our growth plans into the fast-growing search retargeting space. We appreciate the support from FedDev Ontario to retain technology start-ups in Canada."
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.
For more information, please refer to the backgrounder.
FedDev Ontario was created as part of Canada's Economic Action Plan to support businesses and communities in southern Ontario. Now in its third 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 more information, contact:
Director of Communications
Office of the Honourable Gary Goodyear
Contribution to Chango
Chango Inc. is a performance marketing company whose mission is to make display advertising as effective, easy and accessible as search engine marketing. By integrating the concepts of search engine marketing into display advertising, Chango delivers unprecedented flexibility and results to media planners and search marketers with their leading Search Retargeting solution. Chango is backed by leading venture and angel investors and is headquartered in Toronto with offices in New York and San Francisco.
FedDev Ontario is providing Chango with a repayable contribution of up to $978,333 through the Investing in Business Innovation initiative. This financing will help the company optimize real-time bidding software to purchase advertising space from ad exchanges, and accelerate Chango's sales strategy. It is also expected to create approximately 37 jobs in the Toronto office. For more information, visit www.chango.com or follow Chango on Twitter at twitter.com/chango.
Investing in Business Innovation
Through Investing in Business Innovation, the Government of Canada is focusing on a portfolio of early-stage businesses that are recognized by the investor community as having the potential for high-growth and a net long-term economic benefit for southern Ontario. The potential of these businesses is measured by the investment commitments secured from accredited angel or venture capital investors.
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 website at www.feddevontario.gc.ca.
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