One of the competitive advantages of launching a business in New Brunswick is the strength of our entrepreneurial ecosystem. New Brunswick’s startup network is one of the most vibrant in Canada. From mentors to VC support to collaborating for success, there is something unique taking place in this province.

As part of ONB’s entrepreneurship strategy, we are launching the ONB Seed Funding Policy and the ONB Series A Funding policy, to support the growth of new and early-stage New Brunswick businesses.

ONB Seed Funding Policy

The ONB Seed Funding Policy aims to develop early-stage companies that exhibit potential to create employment and contribute to the province’s long-term economic growth. The policy will allow ONB to make “sidecar” investments in conjunction with *Approved Partners.

To begin, an invite must be received by ONB from an Approved Partner. (See below)

To qualify, a company must:

  • Have the majority of its operations and direct employees in New Brunswick;
  • Be a registered New Brunswick corporation with its headquarters in New Brunswick and with majority ownership by New Brunswick residents;
  • Align with ONB’s mandate to increase employment, increase export sales or decrease imported goods and services;
  • Provide a business plan, which includes, but is not limited to:
    • a comprehensive strategy for sales and marketing in export markets
    • employment growth potential
    • reveals a long-term contribution to the provincial economy;
  • Provide an invitation letter from an Approved Partner inviting ONB to match their terms in the current seed round (no applications directly from the companies); and,
  • Consent to ONB’s access to the due diligence on the company conducted by the Approved Partner.

For an eligible company, ONB may, at its sole discretion and upon invitation from an Approved Partner, match an Approved Partner’s investment in that company under the following conditions:

  1. ONB’s maximum total investment in a company is $500,000.
  2. ONB’s investment cannot exceed 20% of a company’s total debt and equity post investment.
  3. ONB’s percentage ownership will not exceed that of the Approved Partner that invited ONB to participate.
  4. ONB’s investment will complement and extend, but not supplant, the Approved Partner’s investment in the company.

The Seed Funding Policy may make additional follow-on investments with a company but it will do so only on the invitation of the Approved Partners that participated with ONB’s original investment. Additional investments are bound by the conditions stated above.

ONB’s investment will be under the identical terms and conditions as those of the Approved Partner.

ONB Series A Funding Policy

The ONB Series A Funding Policy is intended for investment in new and young companies pursuing growth opportunities generating or about to generate revenues, that exhibit potential to create employment and contribute to New Brunswick’s long-term economic growth. The policy will allow ONB to make “sidecar” investments in conjunction with Approved Partners

To qualify, a company must:

  • Have the majority of its operations and direct employees in New Brunswick;
  • Be a registered New Brunswick corporation with its headquarters in New Brunswick and with majority ownership by New Brunswick residents;
  • Align with ONB’s mandate to increase employment, increase export sales or decrease imported goods and services;
  • Provide a business plan, which includes but is not limited to:
    • employment growth potential;
    • long-term contribution to the provincial economy;
    • demonstration that is either currently generating or will be within a 12-month period generating revenue from its business model;
  • Have achieved revenue from an export market or provide a business plan, as noted above, that includes a comprehensive strategy for sales and marketing in export markets;
  • Provide an invitation letter from an Approved Partner inviting ONB to participate in the current financing round (no applications directly from the companies); and,
  • Consent to ONB’s access to the due diligence on the company conducted by the Approved Partner.

For an eligible company, ONB may, at its sole discretion and upon invitation from an Approved Partner, match an Approved Partner’s investment in that company under the following conditions:

  1. ONB’s maximum total investment in a company is $1 million.
  2. ONB’s investment cannot exceed 20% of the company’s total debt and equity post investment.
  3. ONB’s percentage ownership will not exceed that of the Approved Partner that invited ONB to participate.
  4. ONB’s investment will complement and extend, but not supplant, the Approved Partner’s investment in the company.

The Series A Funding Policy may make additional follow-on investments with a company but it will do so only on the invitation of the Approved Partners that participated with ONB’s original investment. Additional investments are bound by the conditions stated above.

ONB’s investment will be under the identical terms and conditions as those of the Approved Partner.

Approved Partners

Potential partners are encouraged to contact ONB in order to be evaluated and added to the list of Approved Partners. The general criteria to be accepted as an Approved Partner are:

  • The ability and willingness to add value to the relationship as an advisor to or an active participant with the early-stage startup with respect to management, business development or technical activities.
  • The fit of the proposed Approved Partner and its fund with the needs of the province’s entrepreneurial ecosystem.
  • The fund’s or accredited investor’s investing objectives and its viability and liquidity.
  • The track record of both the fund and the team managing the fund.

To get started with either the Seed or Series A funding policies, please contact one of our Approved Partners.