MLA48 Makes First Investment in Orchard Labs, Spurs Additional Investments
MLA48, Canada’s first angel investment fund committed to providing 48 hour turnaround on investment decisions, this week announced its first investment in Orchard Labs.
The initial investment from MLA48 reportedly 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. The startup enables the buying and selling of pre-owned iPhones. Customers deal exclusively with Orchard, and the company’s approach to the process eliminates safety and quality concerns for both sides in the transaction.
“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, cofounder 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.
Established in 2014, MLA48 is a limited partnership designed to foster innovation in Ontario by accelerating funding timelines for Ontario’s entrepreneurs while providing diversification for accredited investors.
Established in 2007, Maple Leaf Angels is a group of high net worth private individuals who invest in seed and early stage technology companies.