MLA48 III Announces Investment in Toronto-based Start-up Propel
Toronto, Canada – March 29, 2021 – As the sole angel fund in Canada devoted to providing investment decisions in 48 hours, MLA48 III is proud to announce its investment in Propel, a marketplace for private swimming lessons. The fund’s investment in Propel sparked interest among MLA members and other strategic investors bringing the total round size close to $360,000 CAD.
In 2015, Propel co-founders Kiel Olver, Amie Nguyen and Sean Hudson made it their mission to help the world learn how to swim by making lessons more affordable, accessible, flexible, and effective. Today Propel has grown its online marketplace and established a community of teachers and learners across British Columbia, Alberta and Ontario.
Propel’s clever use of hotel pools to bridge the gap between the number of lesson seekers and available pool space, has garnered the attention of the Vancouver Sun & the Toronto Star, with the latter tagging Propel as, “the Uber of swimming and the Lyft of lessons.”
Eric Boyd, Interim Managing Director of MLA, notes, “MLA48 Fund III LP is thrilled to be involved with the Propel team – they impressed us with their enthusiasm to serve the swimmers and swimming instructors of Toronto while helping pool owners offset operational costs, and their quick actions to make swimming lessons safer during the COVID pandemic have been terrific.”
Through its membership of high net worth individuals and through its fund, MLA48, Maple Leaf Angels (MLA) continues to be active in the Canadian start-up ecosystem and seeks promising ventures to invest in.
MLA48 is the first fund in Ontario promising investment decisions in 48 hours, designed to foster innovation by accelerating funding timelines for 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. Investments are made in companies across Canada.
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 $38 million in 77 companies across Canada. 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.
Propel is a marketplace platform that makes private swimming lessons affordable and accessible to everyone by connecting new swimmers, experienced instructors, and under-utilized swimming pools — all in one seamless booking process.
Interim Managing Director, Maple Leaf Angels