Industry Fintech Founder Mike Lee | Website www.fundica.com Founded 2011 | |
Headquarters 1117 Saint Catherine West, Montreal, QC, Canada Services Matches businesses, particularly startups and Small and medium SMEs in the technology sector, with appropriate sources of funding. | ||
Fundica.com is a privately held Canadian financial services corporation based in Montreal, Quebec, that matches businesses, particularly startups and SMEs in the technology sector, with appropriate sources of funding. Fundica.com’s database of funding opportunities is accessible via a proprietary search engine on the website.
Contents
The Fundica database contains information about public sector and private sector funding opportunities in Canada, such as grants, tax credits, loans, loan guarantees, equity funding programs, and venture capital investments. The database is maintained by internet bots, Fundica researchers, and funders themselves.
In partnership with Startup Canada, a nonprofit organization that “advances entrepreneurial success in Canada”, Fundica created Startup Contest, an annual, national pitch competition for Canadian entrepreneurs trying to start new businesses.
Fundica also organizes the Fundica Roadshow an annual event across Canada designed to better educate entrepreneurs on funding opportunities as well as facilitate connections between funders and entrepreneurs.
The 2017 Fundica Roadshow presented by Intuit Quickbooks is partnering up with First Stone Venture Partners to offer an investment award of $1,000,000 to Canada's most promising startup. With 10 stops from Halifax to Victoria, a select group of early stage innovators will get a chance to pitch their business to a panel of angels, VCs, banks and government organizations. All 10 city-stop winners will be invited to the Grand Finale where the top Canadian startup will receive a $1,000,000 investment from First Stone Venture Partners. If there is a split decision, two startups will receive a total amount of $1,000,000 between them in funding.
History
In January, 2011, Fundica launched an online funding search system for businesses operating in Quebec. By the end of 2011, Fundica had expanded its online tool and database to include funding opportunities for businesses across Canada.
Also in 2011, Fundica filed Canadian and U.S. patent applications to protect its proprietary search and intelligent filtering system for funding opportunities.
In September, 2012, Fundica partnered with Startup Canada to produce Startup Contest. A national pitch competition for Canadian entrepreneurs.
In 2013, Fundica organized its first Fundica Roadshow, a national event that educates, inspires and funds entrepreneurs across Canada.
March, 2013, Fundica was one of four national finalists to receive a Financial Literacy Startup Award at the Bridging Financial Literacy Gap event in Ottawa, Ontario, hosted by Startup Canada, Intuit Canada and other small business sector leaders. The award recognizes startup technologies that help entrepreneurs improver their financial literacy.
In May, 2013 Mike Lee, President of Fundica was identified as one of Quebec's top 25 Emerging Entrepreneurs by C2MTL and the Claudine and Stephen Bronfman Foundation. The Emerging Entrepreneurs Contest is designed to give Quebec's most promising business minds the opportunity to share their ideas and network with the many international leaders in creativity and commerce in attendance at C2MTL. Mike Lee was also recognized in 2013-2014 as the Entrepreneur of the Year by CFO Canada. This prize is awarded to the entrepreneur that shows growth and creates new products that help entrepreneurs across Canada.
In 2014, Fundica was runner-up in the Entrepreneurial Effect Award from Startup Canada. This is awarded to the individual, group, community, network or organization that has developed and produced a program, tool, research project or event that has had the greatest impact in advancing entrepreneurship awards.
In June 2016, Fundica announced a collaboration with the Shenzhen Tech Entrepreneurs Association (STEA), one of China’s top innovation and entrepreneurship service providers for incubators, local governments, investors and startups across China and host of the largest startup competition in China, with the goal to help facilitate the opportunity for both Canadian and Chinese early stage tech entrepreneurs to expand their networks globally and reach out to new investors and business partners. The startups with the best pitches at the Fundica Roadshow Waterloo competition won advanced entries into the Entrepreneurship Star Competition, China’s largest startup competition, which previously attracted, in 2015, 2,459 international startups and handed out over $1.5 million CAD in prizes.
System
Using a Web search algorithm executed by internet bots, Fundica locates funding opportunities online and automatically records them in the database. Funders have the ability to submit information about their own programs via the Fundica.com website. Fundica’s researchers also verify and update funding information manually.
On the Fundica.com website, businesses seeking funding build a profile based on 20 to 30 search criteria. Fundica’s proprietary search and intelligent filtering system uses this profile to generate a list of relevant funding opportunities.
Services
Because it seeks to play matchmaker between businesses and appropriate funders, Fundica has been dubbed “a sort of eHarmony of the funding world.”
Fundica.com offers free and paid user accounts, each affording a different level of access to the system for startups, established businesses, funders and funding advisors. Fundica also provides funding management consulting services.
Fundica Roadshow
Fundica Roadshow is an annual event across Canada designed to better educate entrepreneurs on funding opportunities as well as facilitate connections between funders and entrepreneurs. In each city, the event consists of 20 closed room pitches, a variety of workshops about funding and online resources available to help entrepreneurs grow their business and an evening networking session. Entrepreneurs will pitch to a panel of funders and mentors to receive candid feedback on their pitch and business model, follow-up with funders and discuss funding opportunities, and earn a spot at the Grand Finale to secure a $1,000,000 FSVP Investment Award.
Eligible candidates for the Fundica Roadshow require a technological component to their business, be incorporated in Canada, seed or growth stage, with expected revenue growth > 50%.
The 2013 Fundica Roadshow took place in 5 cities in Canada having 103 entrepreneurs and 35 funders attend. 39% of entrepreneurs were offered funding and 30% of the panelists funded entrepreneurs.
The 2014 Fundica Roadshow took place in 11 cities across Canada having 1024 participants (899 entrepreneurs, 83 funders, 42 other attendees). The event held 205 pitches and provided 64 workshops. 31.6% of entrepreneurs were offered funding and 33.3% of panelists funded entrepreneurs. 31.6% of entrepreneurs were offered funding and 33.3% of panelists funded entrepreneurs. 96% of participants (funders, entrepreneurs and attendees) said they would return to the Fundica Roadshow.
The 2015 Fundica Roadshow took place in 12 cities across Canada featuring 1147 participants (x entrepreneurs, x funders, x other attendees). The event held 144 pitchers and provided x workshops. 33.3% of entrepreneurs found funding, while 37% found funding candidates.
The 2016 Fundica Roadshow took place in 11 cities across Canada, with the finale held in San Francisco, featuring 1,948 participants, including 124 funders and 102 national and community partners (incubators, accelerators, and national sponsors). The event held 114 pitches and provided 105 educational workshops by inspirational speakers.