Maple Leaf Angels Leads $500,000 Seed Round for Toronto-based Moregidge with its MLA48 II Fund
Toronto, Canada – February 1, 2019 – Maple Leaf Angels (MLA) is delighted to announce that MLA48 Fund II has made an investment in Moregidge, a collaborative digital platform seamlessly bridging mortgage brokers and agents with realtors and clients using their smart technology. Along with MLA48 II’s participation, Moregidge’s initial round of investment attracted interest from a number of MLA members, Silicon-Valley based Hustle Fund, and Good News Ventures.
According to a study by the company, 48% of mortgage consumers feel comfortable using more technology to arrange their next mortgage, yet do not have the opportunity to do so. Moregidge’s platform enables brokers to integrate with clients from application submission to deal funding. Their aim is to reinvent mortgage process to increase efficiency and reduce the friction tied to data access and sharing, creating a smooth experience for the consumer.
Muhammad Rashid, CEO and Co-founder of Moregidge, says “We are delighted to have connected with the Maple Leaf Angels, an active and collaborative Toronto-based investment group. The MLA48 process was quick and efficient, and we are excited to build our company with the support and experience of an MLA member joining our board.”
Prathna Ramesh, Managing Director of MLA notes, “MLA48 Fund II LP is thrilled to be a part of Moregidge’s investment round. During this transformational time, we believe Moregidge will be in the forefront of Proptech, evolving an industry that is ripe for disruption. It will be interesting to watch Muhammed and his team tackle the competitive challenges of this market.”
The funding will be used towards building partnerships and growing their paid user base, integrating with lenders, and launching their mobile app. The angels of MLA continue to stay active in the Canadian start-up ecosystem and are seeking promising young technology companies like Moregidge that would be a good fit for their future funds.
After successfully deploying MLA48 I, MLA launched its second fund, Maple Leaf Angels 48 Fund II Limited Partnership (MLA48 II), designed to foster innovation by accelerating funding timelines for the Canada’s brightest entrepreneurs while providing diversification for accredited investors. The limited partners are MLA members who want to invest collectively, and the general partner is Maple Leaf Angels Capital Corporation, a subsidiary of Maple Leaf Angels Corporation. https://mapleleafangels.com/mla48/
Maple Leaf Angels enables high potential companies to grow, realize their potential, and offer excellent returns by bringing together investment, experience, and a network of partners. To date, our members have invested over $30 million in 55 companies across Canada. Our members have seen 14 collective exits within the MLA portfolio. We offer Curbside Mentoring events and weekly complimentary Office Hours to connect the brightest, most passionate entrepreneurs with our accredited investors in a streamlined process. www.mapleleafangels.com
Moregidge is an intuitive, fully integrated and transparent digital mortgage platform that enables brokers to connect and collaborate with their clients. It also provides brokers with a digital-first presence, cost-savings, and efficiency improvements. https://www.moregidge.com/
Managing Director, Maple Leaf Angels