OMERS Ventures has announced it will participate in Communitech’s HYPERDRIVE program—a start-up incubator that provides mentorship and funding services to early-stage technology companies. Communitech is based in Waterloo, Ont.
Along with OMERS, other organizations that have confirmed their participation in the program include Investors Canrock Ventures, Canadian Youth Business Foundation, BDC Venture Capital, Research In Motion, iNovia Capital and Rho Canada Ventures.
“Investors recognize this as a great opportunity to get in at the ground level on innovation in Canada, and we’ve been delighted that HYPERDRIVE has attracted high-calibre funders to enable the program’s kickoff,” said Iain Klugman, CEO of Communitech. “This is another proof point of Waterloo Region emerging as a major tech hub in North America—second only to Silicon Valley as the best place to start a tech business.”
HYPERDRIVE provides up to 24 months of coaching and lifecycle funding—from seed funding to angel investment, to full-blown investment house commitment. The program’s launch was announced on April 10, 2012.
“At OMERS Ventures, the goal we share with other investors and entrepreneurs is to build a vibrant and successful knowledge economy in Canada,” said Sid Paquette, senior associate with OMERS Ventures. “We’re very excited to be part of the HYPERDRIVE program, which we believe will help foster the innovation required to help create the next RIM, Desire2Learn or OpenText right here in Canada.”