BDC Capital invests $3 mln in children’s apps provider Budge Studios

Growth and Transition Capital, an investment arm of BDC Capital, has provided $3 million in equity funding to Budge Studios Inc, an applications developer and publisher of children’s apps for smartphones and tablets. The investment gives BDC a minority position in the company and will help Budge to grow through key initiatives, such as evolving its current platforms and expanding its catalogue of applications. Headquartered in Montréal, Budge was co-founded by Noémie Dupuy, Michael Elman and David Lipes in 2010. BDC’s Growth and Transition Capital was profiled by peHUB Canada in November 2014.

PRESS RELEASE

Budge Studios racks up the wins – Company brings minority shareholder on board

MONTREAL, Jan. 21, 2015 /CNW Telbec/ – BDC Capital has announced it has taken a minority equity position in Montreal-based Budge Studios, a world leading applications developer and publisher of children’s apps for smartphones and tablets.

BDC Capital’s $3 million equity investment will allow Budge to further its expansion plans through key initiatives such as evolving their current platforms and expanding their catalogue of applications. The management team will also work to set the foundation for continued growth in what is a highly competitive and fast growing industry.

“It’s critical that we continue to actively support innovative Canadian companies like Budge,” said BDC’s Benoît Mignacco, Managing Director, Growth and Transition Capital. “Keeping that kind of talent local is a source of pride and of great importance for BDC as these companies have a huge impact on the next generation of global application producers and on the vibrancy of the communities in which they operate.”

“We’re proud to welcome BDC Capital to the Budge family as a minority shareholder,” said David Lipes, Co-CEO, Budge Studios. “Not only does this investment reflect a renewed vote of confidence in our company, but it will go a long way to securing Budge’s current position as one of the top children’s app developers and publishers in the world.”

“We’ve seen such impressive growth from Budge in the past few years that reinforcing our partnership at this critical stage in their growth is the right decision,” added Benoît.” We want to make sure they have the necessary resources to maintain their position as the flagship organization in Montreal’s tech and gaming industry.”

About BDC Capital
A subsidiary of the Business Development Bank of Canada (BDC), BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1.6 billion under management, BDC Capital takes a strategic, patient approach to nurture companies’ development over the long term.

From venture capital and equity, to growth and transition capital, our team of over 100 experienced, local professionals partner with entrepreneurs to identify and meet their needs on flexible terms. Some of the sectors in which we specialize include IT, industrial/clean/energy technology, and healthcare. For more information, please visit www.bdccapital.ca or follow us on Twitter at @BDC_Capital.

About BDC
Canada’s business development bank, BDC, puts entrepreneurs first. With almost 2,000 employees and more than 100 business centres across the country, BDC offers loans, consulting services, growth and business transition capital, securitization, as well as venture capital to more than 30,000 small and medium-sized companies. Their success is vital to Canada’s economic prosperity. www.bdc.ca

About Budge Studios
Budge Studios leads the industry by providing entertaining apps for kids through innovation and creativity. The company develops and publishes apps for smartphones and tablets played by millions of children worldwide featuring high profile properties such as Strawberry ShortcakeTM, Care BearsTM, BarbieTM, Crayola®, The SmurfsTM, Caillou® and GarfieldTM. For more information, visit http://www.budgestudios.com.

SOURCE Business Development Bank of Canada
For further information: Daniela Pizzuto, Manager, Public Relations, daniela.pizzuto@bdc.ca, (514) 496-6768

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