These businesses will be able to leverage $3.9 million from venture capital and angel investors as a result of the federal funding, a release stated, and add about 40 jobs.
The funding, which must be repaid at a date that was not specified in the release, breaks down as follows:
- $750,000 for Toushay. The money will go towards a software platform for clients to create and manage mobile applications for marketing. It is expected to create 20 jobs. The firm will also receive $1.5 million from Wesley Clover International Corporation and angel investors in the Capital Angel Network.
- $680,000 for Protecode. The funding is for software targeted at developers concerned with intellectual property and licencing security and compliance. The money will leverage an additional $1.38 million infusion from Brightspark Ventures and add 11 jobs. Protecode was named an OBJ Startup to Watch in 2008.
- $517,250 for Benbria, to develop an "intelligent notification system" for information to be distributed instantly from organizations. The money will leverage $1.03 million more in funding from BDC Venture Capital and Wesley Clover International Corporation and is expected to create nine jobs. Benbria, named an OBJ Startup to Watch in 2010, recently graduated from the Wesley Clover incubator hub.