Execution Labs, an Indie game accelerator, has decided to take part in the convertible note program from BDC Venture Capital, as a participant. The company is trying to make an attempt at winning $150,000 convertible notes that will be offered to the chosen graduates of the top rated accelerators of Canada. Shedding light on the funding, Execution Labs said that the structure of this financial backing is more like a loan when it will be invested, but the basic purpose of providing the funds is that new studios “weather a period that can be very tough for them financially, as they continue working to generate revenues and to position themselves to successfully raise subsequent financing from other investors.” Once the studios will be able to secure their financing, notes will be converted into equity.
BDC Venture Capital’s vice president of strategic investments and initiatives, Senia Rapisarda said that, “Game development has for years been an important part of Canada’s technology ecosystem. We are excited to partner with Execution Labs and look forward to helping the best studios coming out of XL fulfil their potential to power our games economy.”
Explaining the program, a cofounder of the accelerator, Jason Della Rocca said that, “The capital we provide during the course of the program is really designed to fund the teams’ game development and initial go-to-market efforts. The BDC Venture Capital convertible note program now gives our graduating studios time to continue running their games as a service and ramp their revenues after they leave XL.”
He also said that, “In addition to giving our teams more time to get traction, having a note in place from a reputable investor like BDC Venture Capital makes it easier for them to attract additional financing to expand their studios and release more games.”
When it comes to participating in the program, Execution Labs seems to be quite confident, as the accelerator believes that not only its existing cohort, but its future cohorts will also be able to secure the notes. Execution Labs is the 5th accelerator in Canada that is going to take part in this program, whereas other accelerators that are offering BDC notes include Montreal-based FounderFuel and Vancouver-based Growlab.
However, Execution Labs has an edge over others, as it was the first of its kind because not only it is a hybrid incubator, but it is a go-to market accelerator as well.
Source: TechVibes
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