Firm also announces strategic partnership with Ayming Canada to help businesses maximize funding
OKR Financial, one of Canada’s leading providers of non-dilutive financing, is announcing its raise of $150 million to support growing businesses looking to access SR&ED tax credits, asset-based loans, government grants, or equity deals. Solving the problem of waiting for government agencies to process tax claims or grant applications, OKR Financial’s help allows companies to access funding fast, extending the runway so these companies can continue to grow while they await their government funds.
“Canadian startups are working hard to overcome the impact of the last year – OKR Financial and our partners are looking forward to working together so we can deploy this funding across the tech ecosystem, when and where it’s needed most.”
The OKR team has strategically chosen to partner with Ayming Canada, a global consulting firm which helps businesses maximize government funding and tax credits. Ayming’s national and global footprint will enable the two companies to deploy this $150 million fund to businesses that need it most and are striving to have a strong economic impact in Canada.
“A major challenge for fast growing companies is knowing all the available government funding programs available to them, and how to submit a successful application. This is where Ayming’s expertise comes in,” says Harry Singh, President & Managing Partner of Ayming Canada.
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The Scientific Research & Experimental Development (SR&ED) Tax Credit program provides over $3 billion to over 20,000 businesses annually, and there are over 2000 various government grants available, with more being announced all the time. This is crucial to innovation and growth in the Canadian economy, however the disbursement of these tax credits and grants can take months, and companies often need funds sooner than the traditional timeline allows.
Bhavik Chauhan, OKR Financial’s VP Business Development and Marketing, shares how this announcement of the $150 million raise comes at an especially critical time: “Canadian startups are working hard to overcome the impact of the last year – OKR Financial and our partners are looking forward to working together so we can deploy this funding across the tech ecosystem, when and where it’s needed most.”
The company, which has seen rapid growth since its first fund launched five years ago, has built a strong network across the country, securing partnerships with tech incubators and accelerators, venture capitalists, angel groups, and professional services providers.
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“Working with Ayming, we are excited to deploy this $150 million to see more companies grow, scale and exit by providing them with non-dilutive solutions so they can put that capital to work immediately, without giving up equity,” said OKR Financial’s Bhavik Chauhan.
The debt and equity financing provider has been busy within Canada’s tech ecosystem already, providing roughly $400M in funding to date to early stage innovators like Transpod, Axis Labs, and VitaminLab, who just ranked 33rd on Canadian Business’ list of Top New Growth Companies for 2020.
Also providing funding through asset-based lending and private equity deals, OKR Financial wants to support tech companies by providing capital that will get the business to where it needs to go.
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