Execution Labs to take part in BDC Venture Capital Convertible Note Program
Funding for Indies Provides Unique Opportunity for Studio Success

Montreal, CA – July 29, 2013 – Today, mobile gaming talent platform Execution Labs (XL), which incubates and accelerates independent mobile game studios, announced it will participate in BDC Venture Capital’s convertible note program, providing unprecedented support to early-stage games companies. BDC Venture Capital, which led Execution Labs’ seed funding round in November of last year, will offer one-time $150,000 convertible notes to select companies who come out of XL’s program as market-ready game studios. The funding, which is structured like a loan at the time of the investment, is meant to help new studios weather a period that can be very tough for them financially, as they continue working to generate revenues and to position themselves to successfully raise subsequent financing from other investors.

According to Senia Rapisarda, VP, Strategic Investments and Initiatives at BDC Venture Capital, “Game development has for years been an important part of Canada’s technology ecosystem. We are excited to partner with Execution Labs and look forward to helping the best studios coming out of XL fulfill their potential to power our games economy.”

Jason Della Rocca, co-founder of Execution Labs, added “The capital we provide during the course of the program is really designed to fund the teams’ game development and initial go-to-market efforts. The BDC Venture Capital convertible note program now gives our graduating studios time to continue running their games as a service and ramp their revenues after they leave XL. In addition to giving our teams more time to get traction, having a note in place from a reputable investor like BDC Venture Capital makes it easier for them to attract additional financing to expand their studios and release more games.”

Teams in Execution Labs’ current cohort, which entered the Labs early this year, will be eligible as will future cohorts. The convertible notes eventually “convert” into equity when the new studios raise their first equity financing.
Similar programs already exist for startups emerging from more traditional technology accelerators such as Y Combinator, Tech Stars, and FounderFuel, but never before has such financing been available to indie game studios. In combination with the funding that Execution Labs already provides to its teams, the total financial package available to those accepted into the program now reaches hundreds of thousands of dollars.

Execution Labs will begin accepting applications for its second cohort this fall.

About Executions Labs
Execution Labs is a first-of-its kind, hybrid game incubator and go-to-market accelerator that helps independent game developers produce games and bring them to market. The company’s goal is to enable experienced developers to become true entrepreneurs and pursue their dreams of creative independence. It is based in Montreal with a business outpost in San Francisco and is backed by BDC Venture Capital, Real Ventures, and White Star Capital.
Contact: press@executionlabs.com

About BDC Venture Capital
With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health, and energy/clean technology companies, as well as venture funds, with high growth potential. From seed through expansion to exit, our mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian technology ventures. Find out more at www.bdc.ca/vc or on Twitter @BDC_VC.
Contact: shawn.salewski@bdc.ca