Three MaRS cleantech clients secure angel financing with help from the MaRS angel program
100% of presenting companies funded after company CEOs pitched to angel investors in November 2010
Toronto, March 3, 2011 – Three MaRS cleantech clients secured angel funding last week after participating in the MaRS angel program, highlighting the importance of organizations like MaRS in bridging the gap between start-ups and investors.
GreenMantra Recycling Technologies Ltd., Smart Energy Instruments Inc. and Temporal Power Ltd. all closed private placements with angel investors after participating in one of MaRS’ most recent cleantech angel events—events designed to bring well-prepared start-ups and accredited angel investors together in a forum that works for both.
“It’s no secret that finding capital in Canada is a significant challenge,” says Ilse Treurnicht, CEO of MaRS. “But our angel events prove, time and time again, that there is a group of committed angel investors in Ontario who are prepared to invest in companies with innovative technologies.”
Each of the three companies that received funding has the potential to solve a pressing problem in Ontario’s cleantech landscape, from recycling plastic waste into high value end products to effectively monitoring the smart grid.
GreenMantra Recycling Technologies (www.greenmantra.ca)has developed a proprietary technology that enables the cost effective production of commercial quality synthetic waxes from plastic wastes. Its environmentally sustainable process produces a wide range of commercial quality waxes well suited for polishes, paints and inks, greases and rubber products such as tires.
Smart Energy Instruments’ (www.smartenergyinstruments.com) next generation technology measures power flows—a key missing component of the smart grid. Using SEI’s technology, utilities and grid operators will be able to better identify choke points, anticipate problems and have significantly improved visibility of their power assets.
Temporal Power (www.temporal-power.com) is a developer of electricity storage systems using a proprietary breakthrough flywheel technology. Temporal Power works with electrical utilities to deliver solutions to a range of challenges, including integrating renewable power.
“These companies have the potential to become major players in the Ontario and North American markets,” says Tom Rand, MaRS Cleantech Practice Lead. “The proceeds of these investments will go a long way in helping expand their businesses, refine their technologies and create jobs in Ontario.”
Since 2009, MaRS has put 30 cleantech, life sciences and health care and information technology, communications and entertainment companies in front of angel investors through the MaRS angel program. More than 50 per cent have received funding. MaRS advisors help company CEOs perfect their pitches, define and communicate their value propositions and facilitate introductions to MaRS’ networks of investors.
About MaRS
MaRS Discovery District (www.marsdd.com) is a large scale, mission driven innovation centre located in Toronto and networked across Ontario, focused on building Canada’s next generation of technology companies. MaRS works closely with entrepreneurs in life sciences and health care, information, communications and entertainment technologies, clean tech, advanced materials and engineering, as well as innovative social purpose businesses.
For more information, contact:
Vanessa Caldwell, MaRS Communications
416.673.8200 x2240
vcaldwell@marsdd.com