Enterpreneurship@UBC, the incubator of University of British Columbia, has revealed it has made nine investments out of its seed fund – attracting $11m in external fundraising in the process.
Alongside mentorship, education, and startup space, the incubator offers seed investment ranging between $25,000 and $200,000. Beneficiaries of the fund include Aspect Biosystems, Clinicbook, ELIX Wireless, Encepta, Kairama, Terramera, and Target Tape – the first startup to receive seed funding.
Nick Seto, Target Tape co-founder, said: “In our early days, we knew we had a great technology, but we needed to put building blocks in place for business success. UBC not only provided very early investment, but also invaluable assistance in terms of connections and resources.”
The seed fund was created through donations to the incubator from alumni and other sources close to the university. The fund also provides tax incentives to donors, offering a 30% tax credit in British Columbia for the purchase of shares in the fund.
Todd Farrell, chief acceleration officer at the University of British Columbia, said: “Securing early stage funding is a major milestone for young ventures. By accurately identifying UBC ventures that have key elements for success, we can provide a small amount of initial capital in order to accelerate their development and maximize the chance that a venture will reach its next stage of growth.”
