Northern Ontario Angels, a not-for-profit organization connecting private investors with businesses in northern Ontario, has received $1.8 million in funding from FedNor to support economic growth and business expansion in the region. This investment will aid a three-year project designed to facilitate the expansion and modernization of over 100 businesses in northern Ontario.
Ian Lane, the executive director of Northern Ontario Angels, explained that the organization assists entrepreneurs and business founders seeking capital and expertise to grow and scale their businesses. By connecting them with accredited investors primarily in northern Ontario, the organization helps stimulate economic development and job creation. The project aims to generate 750 new jobs by 2027.
One of the success stories highlighted by Lane is Flosonics Medical, a Sudbury-based company that developed a wireless blood flow monitor. The initial investment and mentorship received through Northern Ontario Angels played a crucial role in launching the company in 2016.
Sudbury-area Members of Parliament (MPs) jointly announced the funding and emphasized the federal government’s commitment to supporting entrepreneurship and increasing access to investments. They also noted that Northern Ontario Angels has attracted over $200 million in investments, showcasing the positive return on investment from FedNor’s support.
Moreover, Northern Ontario Angels stands out for its above-average female participation, with over 25% involvement of women in both investment and entrepreneurship, compared to the national average of around 17%.
Since its inception in 2005, Northern Ontario Angels has facilitated investments totaling over $250 million for more than 500 companies. The organization serves various communities in northern Ontario through its chapters in Sudbury, Thunder Bay, North Bay, Sault Ste. Marie, Timmins, Kenora, Parry Sound, and the far north.
This funding injection from FedNor is expected to further stimulate economic growth and business development in the region, fostering job creation and innovation.
