Well.ca, the fast-growing e-commerce company with ambitions to redefine online shopping in Canada, is receiving a $975,000 boost from FedDev Ontario.
The repayable contribution was announced Friday by Michael Chong, MP for Wellington-Halton Hills, on behalf of Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
“Our government is committed to helping southern Ontario companies expand and become industry leaders in the global marketplace through innovation,” Chong said in a FedDev news release issued today. “This investment will help create local jobs and support innovative technology that in turn will allow Canadian retailers to better compete for online consumers.”
The $975,000 investment from FedDev Ontario’s Investing in Business Innovation initiative will help Well.ca to create and test a generalized version of its proprietary e-commerce software platform. The funding will also allow the company to create and commercialize several new applications to be used alongside the online retail platform, such as an on-the-go shopping feature with a mobile barcode reader and shopping list management features.
The resulting technology will allow Well.ca to develop customized online retail environments for a variety of companies, giving Canadian businesses an advantage in the e-commerce market. The company expects to create up to 13 high-quality jobs as result of this project.
Headquartered in Guelph with a development office in Kitchener, Well.ca has been at the forefront of efforts to make online shopping easier and more appealing to Canadians. Last year, for example, the company launched North America’s first virtual store in a busy shopping concourse in downtown Toronto.
“Our goal at Well.ca is to harness creativity and innovation to make the lives of Canadians easy and affordable,” Ali Asaria, the company’s founder and CEO, said in the news release. “FedDev Ontario’s investment will fuel that innovation, allowing us to deliver the future of shopping from coast to coast, and solidifying Canada as a global leader in e-commerce.”
The Investing in Business Innovation initiative leverages private sector investments and partnerships. The FedDev Ontario investment has helped Well.ca raise up to $2 million from venture capital firm iNovia Capital Inc. for this project.
Since 2008, Well.ca has become Canada’s largest online health and beauty store, a success that is built upon its proprietary e-commerce software platform which manages everything from online shopping experience to seamless order fulfillment and product distribution.
The Investing in Business Innovation initiative is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. Funding under the initiative is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds. Applications for funding are being accepted and assessed on an ongoing basis. More information is available on the FedDev Ontario website (see below).
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region’s strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region’s businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
