Calgary startup raises $1.1 million in funding
Micro Mech says Alberta investors are changing their attitude toward new industry funding
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Local investors have high hopes for Calgary start up Micro Mech – the company managed to secure 1.1 million in funding in just a few months.
“Alberta investors are looking for other things and definitely more open to technology and start ups than they were in the past, when they had the option of a resource-based economy to put their money,” said Jeff Ehmann, co-founder of Micro Mech.
Micro Mech allows users to order an experienced mechanic right to their door, with the goal to save time and money for services like oil changes, brake service or general problems, like if your car just didn’t feel like starting that day.
Ehmann felt incredibly supported by investors in the province, managing to raise the capital in only 2.5 months. That’s adding to the $500,000 they raised a year ago.
CEO Richard Roseboom feels it would have been much harder to raise this kind of money, a majority of which came from Alberta investors, only a decade ago.
“I think a decade ago, people were much more interested in keeping their money in oil,” he said. “There’s definitely a more diversified interest in investment now.”
Diversification is a key word – investors are now starting to look beyond the oil patch into new industries. Roseboom added that as much as investors like stability, they also like to support big dreams.
There’s a number of big name investors, like W. Brett Wilson, who have invested and helped make other investors feel secure about funding the company.
“Backing a company with a quality service that solves customer's problems, while at the same time attracting top talent is a no brainer,” said Wilson in a statement.
They found they were able to raise money quicker than some companies in Silicon Valley have.
The investment will help Micro Mech grow their team – both in the office and in the field. The company currently operates in Calgary and Edmonton, but hopes to expand into Toronto in the next few months, as well as the U.S. by the end of the year.