500 Startups Launches $30 Million Micro-fund in Canada called #500CAN

500 Startups announced today that it is launching a $30 million regional fund for Canadian based startups that will be headquartered in Ontario.

Tagged 500 Canada (#500CAN), startups across the country will be able to leverage the 500 Startups brand and extensive network of mentors, founders, and partners that come from over 1,500 portfolio companies around the world.

500 Startups has already made 37 Canadian investments out of its Silicon Valley main funds including Breather, Lagoa, Unbounce, and Cleanify.

500 Canada plans to make 150+ investments into early-stage startups in the region over the next few years.

RELATED: 500 Startups’ Dave McClure Not Happy with Startup Canada’s ‘1000 Startups’

500 Canada will focus investments on capital-efficient businesses that can achieve profitability with less than $1 million in total investment. The fund will be truly national in scope, with partners or associates in each major innovation centre, including Vancouver, Waterloo, Toronto, Montreal, and Fredericton.

500 Canada will be headed by 500 Startups local Partner Sanjay Singhal.

Singhal is the Canadian Venture Partner for 500 Startups. Singhal has personally started five businesses, and has been an angel investor in over 30 others. Joining the world of early-stage venture capital, he hopes to help other Canadian entrepreneurs achieve their own dreams of success.