Welcome!

News Feed Item

Extreme Startups and GrowLab Ventures Merge

Launch HIGHLINE to better support tech founders who are about to scale globally

TORONTO AND VANCOUVER, Aug. 19, 2014 /PRNewswire/ - Vancouver-based startup accelerator GrowLab Ventures and Toronto's Extreme Startups have announced their merger and the launch of HIGHLINE, the first pan-Canadian accelerator platform, at the Toronto Stock Exchange (TSX) this morning.

(Photo: http://photos.prnewswire.com/prnh/20140819/137196)

MERGER OF EQUALS TO CREATE NEW POWERHOUSE ABOVE THE 49th "HIGHLINE"

Extreme Startups' and GrowLab's respective Executive Directors, Marcus Daniels and Jonathan Bixby, had a vision to create one program that would unite the best entrepreneurs, investors and ecosystem partners living above the 49th parallel - the "highline" that separates Canada and the US - by merging their two top tier accelerator programs. This vision became a reality with today's announcement. The "merger of equals" creates a new powerhouse accelerator platform called HIGHLINE and is made possible by the financial backing of major Canadian VCs, including BDC Capital and Relay Ventures. BDC Capital, the investment arm of the Business Development Bank of Canada (BDC), was also a shareholder and strategic partner of both accelerators and has been HIGHLINE's principal strategic backer since the merger was first conceived.

RISING ABOVE THE ACCELERATOR NOISE

"The accelerator sector is already very mature with over 1,700 programs worldwide," says Marcus Daniels, HIGHLINE's cofounder and new CEO. "But less than 60% of them have helped entrepreneurs get funded and 90% have had no exits at all". Relentlessly focused on evolving the accelerator model, Daniels is a serial entrepreneur and seed investor with 24 years of digital innovation experience.

While Extreme Startups and GrowLab have been among the more successful accelerators (over 90% of their graduates raised follow-on institutional capital totaling more than $27 million, and both programs combined had 3 highly profitable exits over their 30-month existence), Bixby and Daniels saw the merger of their two accelerators as the inevitable next step in order to rise above the noise, evolve the model and attract the very best in Canada. Says Bixby: "I'm really excited that this new entity will not only attract the very best Canadian founders, but that it will also be the best option for many entrepreneurs globally."

"HIGHLINE's ambition is to supercharge 1000 founders who will create over $10 billion in equity value outside of Silicon Valley over the next decade," says Daniels. He expects over 90% of those startups to establish their headquarters in Canada as there are "few better places on the planet to build digital products than the Vancouver-Waterloo-Toronto-Montreal ecosystems".

"We see this merger as crucial to building off the past strong performance of the two programs," says Michael Mahon, Director, Venture Capital - Strategic Investments & Partnerships at BDC Capital. "The creation of a premiere pan-Canadian option in a global environment that is increasingly competitive with regards to entrepreneurial talent and capital will be a key differentiator for HIGHLINE." BDC Capital had already invested a total of $5.7 million in 38 graduates of HIGHLINE's predecessors through its convertible notes funding program. The merged entity will remain a core accelerator partner for BDC Capital, says Mahon, and its startups will continue to be eligible to receive its $150,000 convertibles notes.

WORLD-CLASS "CO-CONSPIRATORS" STEP UP

In addition to BDC Capital and Relay Ventures, several world-class entrepreneurs and individual investors have stepped up to inject fresh capital and provide strategic guidance to the new entity, including Amar Varma (Pivotal Labs), Leonard Brody (Clarity Digital Group) and Boris Wertz (Version One Ventures). Varma and Brody join HIGHLINE's Board of Directors, together with Daniels, BDC Capital's Michael Mahon and Alex Baker of Relay Ventures. Jonathan Bixby will remain involved as part of the Board of Advisors, alongside such well-known players as Paul Singh, founder of Disruption Corporation and formerly of 500 Startups. HIGHLINE is in discussions with other notable potential partners and intends to reveal new "co-conspirators and collaborators" over the coming weeks.

ACCELERATING THIS FALL

HIGHLINE will begin hosting startups this fall at its Vancouver and Toronto anchor campuses. It will primarily target "digital startup founders close to product-market fit with global ambition to scale", instead of ventures that are still at the ideation stage. Applications open today at HIGHLINE.vc.

While it will build on the collective experience of GrowLab Ventures and Extreme Startups, HIGHLINE will innovate in a number of ways. For one, it will propose a number of specialized, tailored acceleration "products" rather than a single, one-size-fits-all program as in traditional accelerators. It will also better support founders' global ambitions by offering greater and earlier connection to global markets like New York and San Francisco; and it will provide startups with as much as $200,000 in financing, not necessarily at the beginning and end of the program but at timely stages that best fuel their growth. Other platform details will be made available in the coming weeks.

Bixby and Daniels made the announcement of this merger this morning, shortly before they were invited to open the day's trading at the Toronto Stock Exchange (photo available), together with the management team and founders from HIGHLINE's portfolio. They then immediately boarded a plane to attend a launch event in Vancouver with their West Coast startups.

For more information, visit HIGHLINE.vc.

ABOUT HIGHLINE

HIGHLINE is a VC-backed founder driven co-venture platform that helps early stage digital startups supercharge growth and raise institutional capital. It is relentlessly focused on giving founders "Speed to Seed" through specialized accelerator programs, timely staged investing (up to $200K) and rapid connectivity in key global markets starting with Vancouver, Toronto, New York City and San Francisco. It creates acceleration products and programs for founders close to product-market fit with global ambition to scale. It is powered by the financial backing of major Canadian VCs, including BDC Capital and Relay Ventures, whose funds under management collectively exceed $2 billion.

HIGHLINE currently has an active portfolio of 40 companies, 90% of which have received institutional follow-on capital, raising over $27 million. It has so far had 3 highly profitable exits over a 30-month period.

ABOUT BDC CAPITAL

A subsidiary of the Business Development Bank of Canada (BDC), BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1 billion under management, BDC Capital takes a strategic, patient approach to nurture companies' development over the long term.

From venture capital to equity to growth and transition capital, our team of over 100 experienced, local professionals partner with entrepreneurs to identify and meet their needs on flexible terms. Some of the sectors in which we specialize include IT, industrial/clean/energy technology, and healthcare. For more information, please visit www.bdccapital.ca or follow us on Twitter at @BDC_Capital.

ABOUT RELAY VENTURES

Relay Ventures is an early stage venture capital firm that invests in passionate entrepreneurs disrupting incumbent industries and creating new markets with the power of mobile computing. Unlike other funds, Relay exclusively focuses on software for mobile (from the sensor to the cloud), creating an unparalleled set of networks and resources that tangibly help founders build world-class companies. With offices in Menlo Park and Toronto, the firm is active throughout North America. For additional information, visit www.relayventures.com.

SOURCE HIGHLINE

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Contextual Analytics of various threat data provides a deeper understanding of a given threat and enables identification of unknown threat vectors. In his session at @ThingsExpo, David Dufour, Head of Security Architecture, IoT, Webroot, Inc., discussed how through the use of Big Data analytics and deep data correlation across different threat types, it is possible to gain a better understanding of where, how and to what level of danger a malicious actor poses to an organization, and to determin...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
"We do one of the best file systems in the world. We learned how to deal with Big Data many years ago and we implemented this knowledge into our software," explained Jakub Ratajczak, Business Development Manager at MooseFS, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Traditional IT, great for stable systems of record, is struggling to cope with newer, agile systems of engagement requirements coming straight from the business. In his session at 18th Cloud Expo, William Morrish, General Manager of Product Sales at Interoute, will outline ways of exploiting new architectures to enable both systems and building them to support your existing platforms, with an eye for the future. Technologies such as Docker and the hyper-convergence of computing, networking and...
Containers, microservices and DevOps are all the rage lately. You can read about how great they are and how they’ll change your life and the industry everywhere. So naturally when we started a new company and were deciding how to architect our app, we went with microservices, containers and DevOps. About now you’re expecting a story of how everything went so smoothly, we’re now pushing out code ten times a day, but the reality is quite different.
The hierarchical architecture that distributes "compute" within the network specially at the edge can enable new services by harnessing emerging technologies. But Edge-Compute comes at increased cost that needs to be managed and potentially augmented by creative architecture solutions as there will always a catching-up with the capacity demands. Processing power in smartphones has enhanced YoY and there is increasingly spare compute capacity that can be potentially pooled. Uber has successfully ...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
You want to start your DevOps journey but where do you begin? Do you say DevOps loudly 5 times while looking in the mirror and it suddenly appears? Do you hire someone? Do you upskill your existing team? Here are some tips to help support your DevOps transformation. Conor Delanbanque has been involved with building & scaling teams in the DevOps space globally. He is the Head of DevOps Practice at MThree Consulting, a global technology consultancy. Conor founded the Future of DevOps Thought Leade...
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee A...