MLA48 II Announces Its Inaugural Investment in Waterloo-Based Skin Cancer Detecting Startup Suncayr
Toronto, Ontario--(Newsfile Corp. - December 6, 2017) - As the only angel fund committed to providing investment decisions in 48 hours, MLA48 II is proud to announce its first investment into the smart UV indicating sticker, developed by Suncayr. The initial investment from MLA48 II spurred interest from several MLA members, who oversubscribed the half a Million Dollar seed round, along with other participating local and international Angels.
Suncayr: From left to right: C.O.O. Derek Jouppi, C.E.O. Andrew Martinko, C.T.O. Chad Sweeting, & Dr. Juri Mobus, Head of R&D
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Beginning as a nanotechnology engineering project for school, Andrew Martinko and his two co-founders, Derek Jouppi and Chad Sweeting, were drawn to the problem of skin cancer. The idea developed into what is now Suncayr, a smart UV indicating sticker that changes color with UV light, letting you know when your sunscreen is no longer protecting you. Suncayr has raised over $700,000 and won 47 grants and pitch competitions in the last 4 years. They have also expanded to three offices in Canada and Australia.
Co-founder and CEO Andrew Martinko notes,"The MLA48 process was straightforward, robust, and importantly for an entrepreneur, it was quick and efficient! We were thrilled to see the overwhelming interest amongst MLA members following on to the Fund investment. We will leverage the Maple Leaf network to access experienced mentors to fill current gaps, solidify our team and grow to the next stage of our business."
MLA was introduced to Suncayr at a Johnson & Johnson Labs event earlier this year. The Angels of Maple Leaf continues to stay active in the Canadian startup ecosystem and are seeking promising young technology companies like Suncayr, that would be a good fit for the recently closed and ready to deploy, MLA48 II.
After successfully deploying MLA48 I, MLA launched its second fund, Maple Leaf Angels 48 Fund II Limited Partnership (MLA48 II), designed to accelerate funding timelines for the province's brightest entrepreneurs while providing diversification for accredited investors. The limited partners are MLA members who want to invest collectively, and the general partner is Maple Leaf Angels Capital Corporation, a subsidiary of Maple Leaf Angels Corporation.
Maple Leaf Angels enables high potential companies to grow, realize their potential, and offer excellent returns by bringing together investment, experience, and a network of partners. To date our members have invested over $28 million in 45+ companies across Canada. We offer Curbside Mentoring events and weekly complimentary office hours to connect the brightest, most passionate entrepreneurs with our accredited investors in a streamlined process.
Suncayr is a team of engineers and scientists who are united in helping people who have been touched by cancer. With skin cancer being one of the fastest growing and most preventable (greater than 95%) forms of cancers, Suncayr has committed their efforts to changing the way the world sees ultraviolet exposure.
Managing Director, Maple Leaf Angels