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Silicon Valley's 500 Startups To Shut Down Its Canada Fund
Friday, August 4, 2017
Vancouver, BC, August 4, 2017--(T-Net)--TechCrunch has reported that 500 Startups is abandoning its Canada fund following sexual harassment allegations that led to the resignation of 500 Startups co-founder Dave McClure.
500 Startups Canada is the Canadian fund operation of Silicon Valley's 500 Startups.
The VC firm reported an initial $15 million close of an intended $30 million fund for its Canadian operations back in January 2017, and was reportedly well into raising the remainder of its fund when the trouble hit.
No word on what will happen to the 38 companies that 500 Canada had already invested in, including Vancouver-based Attendease, a cloud-based event automation solution provider.
See full details on the TechCrunch website here.
About 500 Startups Canada
With the creation of 500 Canada (#500CAN), startups across the country will be able to leverage the 500 Startups brand and extensive network of mentors, founders, and partners that come from over 1,500 portfolio companies around the world. 500 Startups has already made 37 Canadian investments out of its Silicon Valley main funds including Breather, Influitive, Unbounce, CareGuide and more. 500 Canada plans to make 150+ investments into early-stage startups in the region over the next few years. 500 Canada will focus investments on capital-efficient businesses that can achieve profitability with less than $1M in total investment. The fund will be truly national in scope, with partners or associates in each major innovation centre, including Vancouver, Waterloo, Toronto, Montreal, and Fredericton.