MLA48 Angel Investment Fund Completes First Investment
Toronto, Canada – June 10, 2015 – MLA48, Canada’s first angel investment fund committed to providing 48 hour turnaround on investment decisions, today announced its first investment in high-growth start-up, Orchard Labs Inc. The initial investment from MLA48 spurred over $500,000 of further investment from the broader Maple Leaf Angel membership and other independent angel investors.
Orchard Labs was founded in Toronto in 2012 by Alex Sebastian, Bruno Wong, and Hamza Javed. Orchard enables the buying and selling of pre-owned iPhones through a unique, secure solution. Customers deal exclusively with Orchard, and the company’s innovative approach to the process eliminates safety and quality concerns for both sides in the transaction. Orchard’s management team brings a diverse background of experiences, a disruptive business model and a strong growth profile, which are key elements in the MLA48 criteria for investment. MLA48 is excited to be leading this round and providing this high-potential investment opportunity to the MLA membership.
“The MLA 48 Fund’s investment process was clearly articulated at the very start, and I was always clear on where Orchard stood in that process,” said Alex Sebastian, co-founder of Orchard. “I am excited to work with the MLA team, who have the background and depth of experience to open doors for Orchard that would otherwise be unavailable.”
“The Orchard investment is a great start for MLA48 and the investment process was fast and efficient as planned,” said Brandon Corman, Managing Director of MLA48. “We believe that this first investment will entice more startups to apply to MLA48 both for rapid access to funding and to benefit from the mentorship, relationships, and experience of our membership. Our goal at MLA48 is to change the way founders think about raising money in Canada.”
Established in 2014, MLA48 Fund I Limited Partnership (MLA48) is a limited partnership designed to foster innovation in Ontario by accelerating funding timelines for Ontario’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.
Established in 2007, Maple Leaf Angels (MLA) is a not-for-profit membership organization. Our mandate is to connect accredited investors and the brightest, most passionate entrepreneurs in a streamlined process within the larger entrepreneurial eco-system.
Founded in 2012, Orchard is an innovative platform for buying and selling used iPhones based in Toronto, Ontario. They handle it all: from assessing the phone’s condition to brokering shipping and payment.
Orchard is unique because they take the guesswork out of finding a fair price for a used phone.
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