New Brunswick Innovation Foundation (NBIF) has made an undisclosed commitment to the $30 million USD debut venture capital fund of 500 Startups Canada. The deal is part of a partnership to help seed and scale up startup companies in New Brunswick and across Atlantic Canada.

500 Startups Canada’s debut fund launched in 2016 and announced its initial close in January. Last month 500 Startups Canada unveiled their 21st cohort, which included seven Canadian teams.

“We’re excited to partner with 500 Startups Canada and to help them source and select deals in the region, to connect our startups with their extensive network of mentors, founders, and investors,” said Calvin Milbury, President and CEO of NBIF. “It’s encouraging to work with a like-minded investor who believes as much as we do in the potential of our startup companies in the region.”

With the announcement of the NBIF deal, 500 Startups Canada now has partners or associates in every major tech ecosystem in Canada, including Vancouver, Waterloo, Toronto, Montreal, and Fredericton.

We're excited to officially announce we've partnered w/@500Canada! Read more on @entrevestor : https://t.co/4B1cFnhNmn

— NB Innovation (@nb_innovation) June 6, 2017

“Atlantic Canada has more great startup activity happening than anyone outside the region knows, and nowhere is that more evident than in New Brunswick and the ecosystem developed there by NBIF and many others” said Sanjay Signhal, Managing Partner of 500 Startups Canada. “With all this activity, there is no way we could do the region justice in terms of investment coverage without NBIF as partners in the strategy and execution of finding, funding, and growing the next generation of great Canadian companies.”

The partnership is one of the ways in which the NBIF is aiming to scale up startups in the New Brunswick tech ecosystem in the coming months.