Vive le Montreal: serving up late stage tech Canadian style…

[Mark MacLeod]

It appears last week was the week for cross continental financings. Within 4 days of each other, our company, Mobivox and Blueslice Networks, a fellow Montreal-based mobile play, announced funding rounds with investors across the World. In our case, we raised from the U.S., Canada, China and Vietnam. Blueslice announced a Series D financing with investors from France, Canada and Korea. While Mobivox is just getting started, the Blueslice deal is great evidence of a thriving Canadian technology scene and validation of our ability to take startups into the late innings here in Canada.

Blueslice joins other Montreal-based tech companies such as Oz Communications and 20-20 Technologies that have attracted enough capital and talent to build viable, self-sustaining businesses.

Other than overcoming our systematic modesty, one of the biggest challenges for Canadian startups is attracting sufficient capital and talent to go
all the way. On the funding front, Canada just does not have enough VC funds to go into late series rounds. Also, we seem to have a nasty habit of putting a small amount of money into many companies rather than betting big on a few. And on the talent front, it’s just really challenging to find people, especially in the commercial and management ranks, who have seen scale.

So, I am very encouraged that these companies are paving the way for us younger startups. These late stage successes actually create ideal
hiring climates for us up and comers. As late stage companies lose the “startup” feel, many staff look for the next one. Mobivox will be searching for the best of the best. And so, the cycle continues…

Mark

[jhaidar]

Congrats Mark! Wish you guys all the best.

I agree that we have some great innovative talent in Canada but lack the funding apparatus to keep young companies growing in Canada.

Hopefully more Canadian success stories will fuel a more entreprenurial culture where top level management talent will be encouraged to 'go startup'.

Looking forward to great things from Mobivox!

Thanks,
Jaafer