Extreme Venture Partners (EVP) today announced its third fund with a special focus on immigrating international startups including the U.S. Launched in 2016, Extreme Venture Partners Fund III LP has raised $[mepr-active rule=”374″ ifallowed=”hide”]★ Read our research and get insight on this and other news. We offer monthly/yearly recurring or one-time subscriptions. ★[/mepr-active][mepr-active rule=”374″]7.1[/mepr-active] million from Canadian and international private investors.
Startups can apply to EVP’s accelerator, Extreme Accelerator, and if accepted, up to five members of the startup team and their families will be immigrated to the Canadian city of their choice and started on the path to Canadian citizenship.
EVP’s initiative differs from the recently announced Fast-Track Visa Program. In contrast, EVP’s initiative offers the chance for founders and their teams to incorporate their startups in Canada with an immediate path to Canadian citizenship
EVP and its accelerator will work in conjunction with Canada’s progressive Startup Visa Program to vet the companies. EVP expects to fund over 30 international startups (two cohorts per year of five startups each or 10 total per year) with an initial $50K to $100K, along with mentorship and access to resources and connections for follow-on funding — and EVP may invest supplementary funds if a startup shows exceptional promise.
EVP will continue to finance promising local startups and is expected to back a further 20-plus startups within fund III as well.
“Once we fully deploy and mature this third fund we expect to show that $25 million invested privately will result in over $1 billion in annual salary contribution to the Canadian economy,” said Ray Sharma, CEO of EVP.
In total, EVP expects its newest fund to invest in up to 50 startups with between $100,000 and $500,000 in capital per investment.
photo credit: Extreme Venture Partners