New Impact Investment Program for Healthcare Startups
Montreal, November 23, 2023. The Montreal General Hospital Foundation (MGHF) has launched an impact investment program for healthcare startups, thanks to the support of National Bank and other generous donors. This funding is accessible to startups developing their ideas through the Clinical Innovation Platform (CLIP).
CLIP is a unique startup incubator focused on clinical validation and prototype development at the heart of the Montreal General Hospital and the Research Institute of the McGill University Health Centre. The investments offered by this program are convertible loans for startups wanting to scale their healthcare innovations to the benefit of patients in Quebec and Canada.
Startups that receive a convertible loan from the MGHF should be able to leverage this investment multiple times with various government grants and funding programs, all while benefiting from the unique collection of resources and services available through the CLIP and its hospital-based ecosystem.
“With a constant stream of new ideas and new startup companies originating from our research network and from our interdisciplinary graduate program in surgical innovation at McGill University, we are so pleased to be able to offer this kind of funding to help innovators succeed. Without harnessing innovation we simply won’t meet the challenges of providing the level of healthcare our population needs and deserves.” – Dr. Liane Feldman, Surgeon-in-Chief of the MUHC and Clinical Director of the Clinical Innovation Platform.
“Entrepreneurship is one of the Bank’s core values, which is why we support its ecosystem across the province. We are delighted to collaborate with the Montreal General Hospital Foundation to support this new Impact Investment Program. We are confident that it will help startups to scale their innovations and generate maximum benefits for patients, the MGHF and the Clinical Innovation Platform.” – Judith Ménard, Senior Vice-President, Commercial and Private Banking, National Bank.
The Montreal General Hospital Foundation is the first of its kind in Quebec to offer impact investments for healthcare startups.
“As one of the largest healthcare foundations in Quebec, with a 50-year track record of supporting innovation and excellence, we are confident that this is a sustainable way to support early-stage startups so they can scale their impact to benefit as many patients as possible. We are forever grateful to our donors, including National Bank, who have made this impact investment program possible through their generous support.” – Stephanie Riddell, President and CEO of the Montreal General Hospital Foundation.
The John Dobson Foundation and the Birks Family Foundation have also supported the Montreal General Hospital Foundation’s Impact Investment Program. To date, three startups have received impact investments from the MGHF: Momentum Health, FemTherapeutics and Nura Medical. “All are great examples of companies which align perfectly with our mission to support innovations which can have a significant positive impact on the lives of patients. They are all on a path to success, with Momentum Health having received Health Canada and, this month, FDA approval for their game-changing technology for the remote management of scoliosis. We expect to make program-related investments in more promising startups in the coming months.” – Alexander King, Vice-President, Development at the MGH Foundation.