Montreal-based TandemLaunch has closed its third fund at about $30 million. TLVIII will back 20 new Canadian tech startups. The fund’s investors include Fonds de solidarité, BDC Capital Harbor Street Ventures and the Venture Capital Catalyst Initiative. TandemLaunch is a start-up foundry and seed fund focused on creating, incubating and accelerating early-stage technology startups.
MONTREAL, Nov. 04, 2019 (GLOBE NEWSWIRE) — TandemLaunch, a start-up foundry and seed fund focused on creating, incubating and accelerating early-stage technology start-ups, today announced the final close of the TandemLaunch Ventures III (“TLVIII”) fund for total proceeds of approximately $30 million. This fund is dedicated to the creation of over twenty disruptive Quebec-based technology companies that have the potential for global commercialization.
The final closing included new investor Fonds de solidarité FTQ which committed $5 million, joining anchor investor BDC Capital and Chicago-based Harbor Street Ventures. Other investors include the Venture Capital Catalyst Initiative (“VCCI”), and over 30 successful entrepreneurs and angel investors.
“Established in Quebec since 2010 and under the leadership of Helge Seetzen, TandemLaunch has a proven track record with a unique business model and an important network of industrial partners. The Fonds de solidarité FTQ’s investment is part of our desire to support such venture capital funds specialized in the start-up of highly innovative technology companies,” said Didier Leconte, Vice-President, Investments, Life Sciences and Fund Management.
“We are thrilled by our first collaboration with the Fonds de solidarité FTQ. With their support and the contribution of our other long-term partners, we have everything in hand to start a new generation of innovative companies in Canada and contribute to developing our local technological ecosystem,” said Helge Seetzen, General Partner and CEO of TandemLaunch.
“I am proud of what we have achieved over the years. Our success is based not only on our company creation business model, but also on the leadership of our seasoned founders and the contribution of our university, financial and strategic partners from around the world. By combining these winning conditions, we have created more than 25 companies, valued at over $500 million, that employ over 600 high-tech workers in Canada and the United States,” added Emilie Boutros, General Partner and CFO of TandemLaunch.
The TandemLaunch model is unique in Canada. It is based on its ability to identify disruptive technologies that have significant international commercial potential. By bringing together the best talent and the necessary seed capital, TandemLaunch can accelerate the start-up process and reduce the risk associated with the commercialization of new innovative technologies mainly in the areas of human-machine interaction, video processing, advanced sensors, computer vision, communication systems, and audio technology.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With $15.6 billion in net assets as at May 31, 2019, the Fonds has helped create and protect 215,104 jobs. The Fonds has 3,126 partner companies and today has more than 700,000 shareholders-savers.
TandemLaunch is a unique start-up foundry focused on creating early-stage technology ventures. TandemLaunch works closely with consumer electronic companies and universities to identify disruptive technologies with a sizeable market opportunity. This unique demand-driven approach reduces market risk early in the start-up process. Notable portfolio companies include Aerial, LANDR, SPORTLOGiQ and wrnch. www.tandemlaunch.com