Cindicates is Victoria’s own Venture Capital Seed Fund and was founded in late 2020 by the Capital Investment Network team. They are closely affiliated with the Capital Investment Network, Women’s Equity Lab, VIATEC, and Alacrity. Cindicates’ goal is to build an annual fund partnering with various investors across British Columbia. Cindicates brings their vast experience investing in, mentorship, scaling startups while also providing a network of investors to help build successful companies.
A part from supporting the local startup community, Cindicates offers tax incentives to BC investors through the Small Business Venture Capital Program and accepts investments through Tax-Free Savings Accounts (TFSA) and Registered Retirement Saving Plan (RRSP). Many Cindicates investors use Western Pacific Trust Company to invest in a TFSA or RRSP account. The Small Business Venture Capital Program offers a 30% tax credit on their investment in a Venture Capital Corporation (VCC) such as Cindicates. The program was established to encourage investors to make early-stage investments in BC-based small businesses to help them develop, grow, and mature.
Cindicates is led by a diverse team of accomplished Victoria angel investors, advisors and entrepreneurs who are committed to helping startups reach their highest growth potential. The team’s diverse backgrounds ensure a well-rounded approach to coaching entrepreneurs on finance, marketing, sales and business development, and human resources. The team has built, invested, scaled and sold startups and can help founders through the venture capital cycle from bootstrapping to seed stage to helping grow into a Series A. Independently, the Cindicates team has invested in several local startup success stories, including FreshWorks Studios, Certn, Cuboh, VINN, VitaminLab, and many more.
Current Portfolio and Investment Thesis
Cindicates invests in tech-enabled startups exclusively in BC. When selecting a startup to invest in, the Cindicates team chooses individuals with well-rounded characteristics such as being able to work in a team and solving unique problems in a large market by using innovative solutions and technology.
“When we invest in a startup, we are looking for a winning team that is motivated to succeed and does not shy away from taking risks. We look for an innovative idea that solves a problem in a growing market. It is great to see early traction and even early revenue. Since we are a community fund, we want to invest in BC startups focusing on Victoria startups.” – James DeGreef, Managing Partner
Up to the end of Q4 2021, they have invested in five startups:
- LetHub – An AI leasing platform for residential property managers that rents out properties 10X faster than a leasing agent.
- Joni – An organic period care company that provides innovative products from sustainable materials and provides superior protection.
- Simbi – An online reading platform that motivates children to read by providing them with opportunities to read alongside narrators.
- VINN – An automotive e-commerce platform where buyers can search for vehicles, start buying online, and go to the dealership ready to pick up the car they want.
- Open Ocean Robotics – A marine robotics and software company that provides autonomous data collection and analytics as a subscription and service.
They are currently in the process of investing in three additional startups and plan to make 2-3 additional investments from Cohort A.
The fund has received an overwhelmingly positive response from local CEOs, founders, and community leaders keen to reinvest in the local community. They set a goal of raising $500,000 for their first year and have surpassed that. Cindicates closed their 2021 Cohort Class A Shares, raising $500,000+ from 33 local investors.
With all the success in 2021, Cindicates has recently announced that they are currently accepting (re)investments for their Class B Cohort for 2022 and are committed to raising $1,000,000 for this cohort.
Founders and Investors Wanted
If you are a like-minded accredited investor or an upcoming startup, please visit their website at www.cindicates.com or contact our Managing Partner and President, James DeGreef, at firstname.lastname@example.org.
- 30% refundable tax credits from BC Government (The Small Business Venture Capital Program)
- RRSP/TFSA Eligible through Western Pacific Trust Company