Royal Bank of Canada (RBC) has announced the launch of RBC Reach, a corporate accelerator that opens the door to a commercial deal with RBC for select post-seed to pre-series A startups.
Startups from across Canada and around the globe are invited to apply for a spot in the first cohort of the accelerator program, which will focus on delivering solutions that go beyond banking to solve challenges faced by RBC’s business clients to help them thrive.
Each company accepted into the program will receive:
- Initial investment of $100,000
- An opportunity to develop a proof-of-concept using their product or service in collaboration with RBC, which could lead to a commercial deal
- Focused accelerator programming delivered over a three-month period
- Access to RBC’s innovation infrastructure and deep expertise in financial services
- Designated workspace in Toronto’s financial district
RBC Reach will meet with eligible companies at Montreal’s Startupfest on July 12 and 13, as well as in various Canadian and select international cities throughout the summer months. International companies that are chosen may also be eligible for startup visa sponsorship.
To deliver the program, RBC is partnering with Highline BETA, a startup and co-creation new venture company that focuses on working with enterprises to launch market-leading ventures.
At the end of the program, companies that sign an agreement with RBC will participate in additional part-time programming to drive the implementation and launch of a commercial pilot. These companies will also be eligible to receive additional investment from RBC and Highline BETA, as well as support from Highline BETA to raise future rounds of funding.
Applications for RBC Reach are being accepted until August 31, 2018.