Edmonton Startup, DrugBank, Wins Inaugural Startup TNT $125,000 Investment
PRESS CONTACT
Shay Barker
Operations Manager, DrugBank
shay@drugbank.ca
FOR IMMEDIATE RELEASE
February 21, 2020 - DrugBank, a local Edmonton technology startup, is the inaugural winner of the Startup TNT Investment Pitch Competition. The company will receive a $125,000 investment that will be used to grow their sales team and increase their product development capacity.
The $125,000 investment is unique, as it was created in response to a needs assessment conducted to understand how better to assist early- to mid-stage startups. Smaller, more readily available funding pools was one of the major suggestions from startups around Edmonton. To that end, Zachary Storms, founder of Startup TNT, a local, grassroots technology networking organization, called upon seasoned and rookie investors to commit $5,000 each to make up the total investment sum.
Together, those 25 local investors spent eight weeks working together to conduct due diligence with 26 local companies selected to pitch at Startup TNT. DrugBank was selected as a finalist, and competed against four other high-potential, growing startups: 2S Water, Future Fields, Nanolog Audio, and Renovation Find.
“We were so pleased to participate alongside twenty six other incredibly talented startups, and were even more thrilled that the investors saw value in DrugBank and were willing to invest in our future,” said Mike Wilson, DrugBank CEO.
DrugBank’s CTO, Craig Knox echoed Wilson’s sentiments. “The opportunity to hone our pitch, answer questions, and share our story in front of an engaged Edmonton audience was so incredible. Startup TNT has been a great addition to the startup ecosystem, and we look forward to continuing to see what the group accomplishes.”
So what’s next for DrugBank? The company will continue to fill its first investment round, which is greater than 60% complete, expand its team, and grow its product offerings. They intend to remain in Edmonton, and not only grow their own company, but contribute to lifting the whole startup ecosystem.
www.drugbank.ca | www.drugbankplus.com