Extreme Venture Partners this week announced its third fund.
The Toronto-based venture capital fund’s latest fund has “a special focus on immigrating international startups,” according to the company, including US startups, which are now eligible to apply to EVP’s accelerator and have up to five team members and their families brought up to Canada.
EVP’s initiative differs from the recently announced Fast-Track Visa Program, which offers temporary work permits for qualifying foreign tech workers. EVP’s initiative offers the chance for founders and their teams to incorporate their startups in Canada with a path to Canadian citizenship.
“Once we fully deploy and mature this third fund we expect to show that $25 million invested privately will result in over $1 billion in annual salary contribution to the Canadian economy,” said Ray Sharma, CEO of EVP.
EVP and its accelerator, Extreme Accelerator, will work in conjunction with Canada’s Startup Visa Program to vet companies. EVP expects to fund over 30 international startups—two cohorts per year of five startups each or 10 total per year—with up to $100,000 upfront, along with mentorship.
“Our startups have gone on to be acquired by the biggest names in tech — including Google and Apple, which underscores that you don’t have to be in Silicon Valley to grow an incredible company,” Sharma added.
Canada’s Startup Visa Program, which oversees the immigration process, was created in 2015 to help companies incorporate in Canada.
“With so much instability in world at the moment, we want to send a message to founders in the U.S. or anywhere: We will welcome your team and your families into one of the most fantastic countries in the world,” said Sharma.