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CBGF acquires minority interest in Connected

Canadian Business Growth Fund has made a minority equity investment in Connected, an end-to-end product development services company based in Toronto.

Canadian Business Growth Fund has made a minority equity investment in Connected, an end-to-end product development services company based in Toronto. No financial terms were disclosed. The proceeds of the investment will support the company’s growth plan.


TORONTO, June 23, 2021 /CNW/ – With the intention to “help mid-sized Canadian businesses grow”, CBGF is seen as a key strategic partner for Connected as it continues working toward being the world’s leading product development services firm. Connected is led by Mike Stern, CEO, alongside co-founder Damian McCabe and Global Managing Director, Tammy Chiasson. Together, they have grown Connected to over 140 team members by creating cross-disciplinary product teams that work across the entire product development lifecycle from strategy to execution.

The investment comes at an opportune moment, coinciding with a period of rapid growth for Connected. With significant client growth this year, Connected currently has 38 open positions across all specialties (design, research, strategy, and engineering), and has already made 68 new hires in 2021. Connected’s sustained growth throughout the COVID-19 pandemic has been seen by many as evidence of their ability to deliver on their promise of building better products for a diverse portfolio of clients. CBGF’s investment will be used for investing into the Connected team and methods that have been the hallmark of their success to date.

“We’re really excited to make this deal public and partner with an incredible organization like CBGF. Their knowledge and experience will be crucial for us to deliver on our ambitious vision to be world leaders.” said Mike Stern. “CBGF shares our values and believes in our mission. This partnership will not only benefit our people and clients, but also the wider tech community in Canada, as we prove that Canadian organizations and talent are world class.”

CBGF’s singular focus on Canadian businesses is a key factor in the partnership. The announcement has already inspired Connected to widen its talent pool, with the organization now accepting applications from professionals across Canada. “To build better products we need to keep hiring and retaining the best people,” said Tammy Chiasson. “With CBGF’s commitment to invest in our people and methods we can continue to make Connected one of Canada’s best workplaces for product builders.”

Already in 2021 Connected has made many investments in their people, rolling out a company wide bonus plan, employee wellness program, and highly competitive RRSP matching for all, as well as new and improved health benefits.

About Connected: Connected is an end-to-end product development services company based in Toronto. We partner with the world’s leading organizations to build software-powered products at speed and scale.

Our uniquely integrated, cross-disciplinary team of Engineers, Strategists, Researchers, and Designers employ the Product-Thinking approach across the entire product development lifecycle.

To learn more about Connected visit or contact us at
To learn more about Connected job openings, visit

About CBGF: The Canadian Business Growth Fund (CBGF) provides long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses with investments between $3 to $20 million. An evergreen investment fund with capital commitments of $545 million, CBGF is committed to long-term partnerships with the companies it invests in. As part of its mission to drive growth, CBGF connects business leaders and sector experts to help its partner businesses achieve their full potential. For companies seeking investment opportunities, please email us at To learn more, please visit us at