OTTAWA, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Export Development Canada (EDC) is announcing an expansion to its Investment Matching Program, from a temporary COVID-19 support solution to a permanent program, with expanded eligibility to support more small- to medium-sized companies that are directly or indirectly exporters. Behind this decision is EDC’s focus on making a greater impact on the international growth of more Canadian companies by partnering with private sector investors.
“Providing capital to Canadian exporters in partnership with private sector investors quickly and reliably helps these businesses accelerate their international growth plans, and take advantage of emerging opportunities,” said Carl Burlock, Executive Vice President and Chief Business Officer, EDC. “Thanks to its expanded eligibility, this capital will be accessible to a wider range of businesses at different growth stages, including those facing unique and systemic barriers, like women, Indigenous Peoples, and Black Canadians.”
Since its launch in April 2020, EDC’s Investment Matching Program has seen strong demand and has received positive feedback from businesses across the country. To date, the program has supported 82 companies that have received a total of $223 million in investments from EDC. Of the total, 35 per cent have a cleantech focus and 23 per cent are led by management teams and founders who identify as members of equity-seeking groups.
Through the Investment Matching Program, EDC works with venture capital and private equity investors to increase the capital available to Canadian businesses—by matching private sector led investments. With expedited approval in as quickly as 10 business days from receipt of all required materials, EDC can match investments of up to $5 million. To be eligible, businesses must have a minimum annual revenue of $500K and have plans to grow their direct or indirect exports.
If you’re a Canadian business and interested in finding out how we can help accelerate your company’s growth, visit edc.ca or email EDC at EDCInvMP@edc.ca or call 1-800-229-0575, weekdays between 9 a.m. and 6 p.m. ET.
Customer testimonials
“Working with EDC gave us the ability to focus on our key business priorities and execute our much-anticipated global Microfactory expansion plans. The responsiveness and expertise of their team is unparalleled as they always strive to be better than the status quo. We’re looking forward to continuing our partnership because of their aligned commitment to making a social impact and the support in our vision to redefine the term waste to resource. Thank you to the EDC team for being so approachable and collaborative.”
- Felix Böck, CEO and Founder of ChopValue, Vancouver, British Columbia
“As a female founder of a software company exploring the various funding programs available to me, efficiency is key. What really blew me away about EDC was how quick the Investment Matching Program funding process was compared to all other fundraising processes I’ve been through. Knowing that EDC was investing in Plum gave other investors confidence and boosted the amount of capital available to us in that round of funding. We used the additional capital to help bridge a gap and set us up to replicate the success we’ve had in Canada in the United States by growing our enterprise accounts in that country.”
- Caitlin MacGregor, CEO of Plum.io Inc, Waterloo, Ontario
“The EDC Investment Matching Program is truly one of a kind. The speed at which a decision is made and transactions are closed is unprecedented, and really sets EDC apart from other co-investors and co-investment programs. The organization shows a tremendous amount of leadership by having the courage to trust their general partners in an expedited, yet prudent way. Just like McRock Capital, EDC recognizes the importance in supporting diverse general partners and entrepreneurs, not only because it’s the right thing to do but because it’s been proven to drive performance. This emphasis on diversity, equity and inclusion, coupled with a focus on companies in the cleantech industry is not only being noticed, but making a difference in the technology ecosystem.”
- Whitney Rockley & Scott MacDonald, Co-Founders of McRock Capital, Toronto, Ontario
“Mysa was extremely fortunate to have been supported by the EDC Investment Matching Program. As we moved forward through our Series A fundraising process, and subsequently Series B, having EDC support on our side helped our investment round come together allowing us to get back to growing our business even in the face of uncertainty caused by the recent pandemic. EDC partners both locally and nationally, were supportive, knowledgeable, and eager to help in whatever way they could. We look forward to our journey of helping more and more homeowners live more sustainably throughout products and services and thrilled to have EDC along as a trusted partner.”
- Joshua Green, CEO, Mysa, St. John’s, Newfoundland and Labrador
“Since the launch of the Investment Matching Program, the Fonds de solidarité FTQ and EDC have co-invested in 12 companies looking to continue their growth. Together, in the aerospace sector, we supported Abipa Canada’s strategic alliance with Europe-based Groupe ARM. In the Artificial Intelligence market, the two organizations invested in innovative Laval-based Omnirobotic that is bringing automation to the factory floor. We are looking forward to working once again with EDC to namely help companies grow on internationally or succeed in emerging fields such as cleantech.”
- Alain Denis, Senior Vice-President for Investments, Fonds de solidarité FTQ
About EDC
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business.
For more information and to learn how we can help your company, call us at 1-888-434-8508 or visit www.edc.ca.
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