We have previously covered the Ontario Securities Commission's support of AngelList, a well-known investment platform. The OSC granted exemptive relief to AngelList, allowing its syndicated investment model to be used for investments into Canadian startups.
Since then, the Canadian Securities Administrators have approved AngelList syndicates on a nationwide basis. As a result, Canada's first syndicated AngelList deal has now closed.
Forestry.IO, a PEI-based software-as-a-service startup, recently announced the closing of a $744,000 seed round, which included an AngelList Syndicate led by Gil Penchina of San Francisco-based Flight Ventures. Penchina is well-known within the venture capital community for his previous investments in LinkedIn and Dollar Shave Club.
Exemptive relief and regulatory flexibility through programs like the OSC's LaunchPad initiative will help Canada's capital-raising picture continue to diversify. Canadian startups and companies, including those based in smaller centres outside of Ontario, are now able to target AngelList syndicates as part of their seed capital strategies – a welcome development for the sector.
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