Nventure uses a common application form across all its funding programs. During the application process, please be prepared to confirm the program / programs you are applying to.

When applying for a thriveFORWARD Nventure Convertible Note through the Reviewr application platform, you will first complete a company profile, then select Equity Financing (thriveFORWARD) as the program you wish to apply to, and then will provide program-specific information.

Round 2 of thriveFORWARD addresses the early-stage venture capital gap for promising technology and innovation-driven start-ups in southern Ontario.

Applicants must be:

• A registered for-profit incorporated business;

• Located in southern Ontario;

• Formed on or after January 1, 2020;

• Preferred Technology Readiness Level TRL 6-9 (prototype to early commercialization).

Investment from Nventure is secured on a highly competitive basis.

Qualifying companies will be investment ready and be able to pass industry-standard due diligence processes.

Suitable companies will have:

• Original IP/core competitive advantage

• Diverse and experienced teams capable of delivering commercialization outcomes.

• Normally raised less than $500,000 in previous capital.

• Impacts in critical sectors of the southern Ontario economy including agri-food, biotech/medtech, cleantech, advanced manufacturing and other deeptech/hardtech applications inclusive of AI/ML.

• High potential for scale-up and sustainability.

All costs paid for by proceeds of the Nventure investment must be reasonable and directly related to the commercialization of the innovation.

Ineligible costs are:

• Costs of land, building or vehicle purchase;

• Refinancing;

• Costs of intangible assets such as goodwill, whether capitalized or expensed;

• Depreciation or amortization expenses;

• Interest on invested capital, bonds, debentures, or mortgages;

• Bond discount;

• Losses on investments, bad debts and any other debts;

• Fines or penalties;

• Costs related to litigation;

• Fees for administrators, including payments to any member or officer of the Recipient’s Board of Directors;

• Costs of individual membership in a professional body (e.g. professional designations); and

• Lobbyist fees.

• Any other activities that may be restricted or deemed ineligible by mutual agreement.

Funding decisions are made by Nventure in its sole, unfettered discretion.

No amount of funding is guaranteed.

Program availability is based on continuity of funding.

Applications will be assessed competitively and applicants will be subject to reasonable industry-standard due diligence.

Information is collected in accordance with our Privacy Policy and Terms of Use.

Each party is responsible for their own legal costs.

Nventure may request substantiation of any claim, statement or information provided by thriveFORWARD applicants and participants.

Nventure-backed companies may be listed publicly on our website and further public visibility requirements may be included in the Nventure Term Sheet.

Recipients of thriveFORWARD funding shall obtain and maintain General Liability and Property Damage insurance for the duration of the investment (the term), and will provide certificate(s) of insurance upon the request of Nventure.

Further conditions may apply and may be updated from time to time.

The application period is now open. Applications may be submitted at any time, and by no later than 11:59 PM EST March 31, 2025.

Only complete applications will be considered.

Applications are evaluated through an internal process and additional due diligence may be carried out in review of any application.

This is a highly competitive process and only the most prospective start-ups will be considered for investment.

Applicant's may be requested to present, pitch to or meet directly with the Investment Committee (in person or virtually, at the convenience or preference of the Applicant) for Q&A.

The last round of thriveFORWARD offered non-repayable contributions (grants) for start-ups and SMEs. Are these no longer available?

Not at this time. Nventure offers varied programming from time to time based on availability of funding and assessment of gaps in the market (e.g. in early-stage venture capital). This round of thriveFORWARD will offer convertible debt for innovative start-ups (only) and this may include additional calls for applications. Future rounds may offer different funding or financing instruments, qualifying criteria and terms.

Can my company use the proceeds of the Nventure Convertible Note to match government funding (as an industry cash contribution to a project funded by granting organizations like NRC (IRAP)?

Always be sure to check each program's guidelines and requirements, but generally, yes, this investment provides your organization with cash that can be leveraged to attract non-repayable (grant) contributions for projects supported by Provincial or Federal programs.

My company received funding under the first round of thriveFORWARD, are we eligible to apply again this time?

Yes.

The intake closes on March 31, 2025. Can I apply anytime before the deadline? And do you make investment decisions on a rolling basis or do you wait until after the deadline?

You can apply at any time before the deadline and investment decisions are made on a rolling basis, subject to availability of funding. All applications are treated on an equal basis during the intake period.

How much does the equity financing transaction cost and who pays for it?

Both parties to the agreement (Nventure and the investee/company) are responsible for their own legal costs. Proceeding from term sheet issuance to closing of a convertible loan deal involves coordinating with private equity legal counsel. Review of definitive documents can cost thousands (potentially $2,500-$5,000 depending on the scenario). While this may seem like a high transaction cost as a percentage of capital ($50,000) consider: 1) this is industry standard and places your company on a venture capital track, setting you apart from competitors who have not raised, and you will come through the process having gained experience in undergoing early-stage asset class investor due diligence 2) there is no further impact to cash flow during the term of the convertible loan 3) it is intended that the remaining principal and interest will convert to equity and from there, we move forward together.