A growing local brewery, an advanced orthopedic diagnostics company and a live seafood logistics system are among the investments of the 2015 New Dawn Innovation Fund.
The Innovation Fund, part of New Dawn’s CEDIF program, raised $1.58 million for local investment from investors in early 2015. These funds will be invested in Halifax Biomedical (Mabou), Fireblade Holsteins (Mabou), Big Spruce Brewing (Nyanza), NewCo Life Seafood Logistics (North Sydney),Retakes and Revelries (Sydney), Nova Stream (Sydney), and Pizza Go (Sydney).
Recognizing the importance of growth capital, the CEDIF or Community Economic Development Investment Fund program was launched by the province of Nova Scotia in 1999. The CEDIF program encourages investors to invest in their local communities by offering a 35% tax credit on all investments.
“Selecting these companies each year is a rigorous and yet a hopeful experience,” says New Dawn President, Rankin MacSween. “The task of choosing the best companies for our investors is a significant responsibility. At the same time, we are quite privileged to get to know the individuals and the businesses that are really charting a new course here.”
These companies join a growing list of those supported by New Dawn CEDIFs that includes Protocase, Advanced Glazings, Media Spark and Marcato Digital. Over ten years, New Dawn CEDIFs have raised more than $11 million for local investment.
“Companies need capital to grow,” says MacSween. “The fact that we have so many companies here that are looking to grow, particularly those who are looking to expand into American, European and Asian markets, is promising. As a community, CEDIFs allow us to support these businesses and the wealth and employment that they in turn generate for Cape Breton.”
On Wednesday December 2nd, the New Dawn CEDIF companies – New Dawn Holdings, New Dawn Community Investment and New Dawn Innovation Fund – will hold their Annual General Meetings at the New Dawn Centre for Social Innovation (37 Nepean Street, Sydney). Financial updates will be made and all investors are invited and encouraged to attend.