2023
ANNUAL REPORT
Letter From the Co-Founders
Have Fun. Make Friends. Build Companies. That’s the pitch. That’s Thursday Night Tradition. When we first brought 50 people together from the Edmonton startup community to enjoy each other’s company with no real agenda, everyone asked themselves, what’s the point of all this? But being together is the point. Building relationships that last is the point. Believing in the potential of your own backyard is the point.
We hold two truths to be self-evident. Great entrepreneurs exist everywhere. Their own local communities are best equipped to identify them. In order to unleash the potential of our local startup communities, we start with the fundamental tenet of human existence - enjoying each other’s company.
Startup TNT should be a place where people meet their co-founders, where investors write cheques to local entrepreneurs, and where prominent members of the community come to celebrate wins. The formula to keep doing it is simple: Fun builds trust. Trust builds relationships. Relationships accelerate business ideas.
The formula works. The people are the point. The outcomes are inspiring.
We hope to see you any given Thursday (in any given city…)
Zack and Tim
Against the backdrop of tech sector uncertainty, and in a year where Canadian venture capital funding dropped, we doubled down, maintaining our belief in the power of grassroots community engagement to uncover promising investment opportunities. In 2023, we reached multiple milestones. Our Angels committed $3.7M to 38 startups at our Investment Summits or as follow-on cheques in 2023, making us the following:
#1 most active pre-seed stage investor in Canada
4th most active seed stage investor in Canada
7th most active investor in this asset class in Canada
And we did all that by only focusing on the Prairie Startup community!
Startup TNT was born out of a desire to help entrepreneurs build from their own regions and to unlock access to a community of angel investors who want to back the next generation of great Canadian companies. To that end, we are thrilled to have welcomed so many exciting companies to our portfolio and thankful to the investors and partners who serve as the foundation of everything we do.
As belted out by the band Real Life in the ‘80s anthem, “Send me an Angel!”
How about 191 of them!
From day one, we've believed that resilient startup communities require a deep, sophisticated pool of angel investors willing to invest their time, money, and expertise in their own backyards.
Our Angels come from all walks of life. Some are business owners and startup founders themselves. Some are young professionals. Some inherited money and are now investing it in their communities. All contribute to the trifecta of the TNT philosophy: education, community, capital.
TNT Angels embody the power of a community network effect. Averaging one $5,000 cheque at a time, we’ve syndicated over 1,800 individual investments into 90 startups. But it is the knowledge and support Angels bring that resonates with founders:
“Thank you for bringing exceptional value to the community.”
Nathan, Founder, ResVR
Dream big, entrepreneurs; we want to keep investing in you in 2024.
275 pitches. 5,602 attendees. The Summits are an electrifying community showcase event, an 8-week due diligence process for local investors, and a hands-on education program on raising capital all rolled into one. Each Summit brings a startup community together. We ran 8 general Summits across the Prairies in 2023 and hosted 3 Sector Summits.
This year, we unveiled the inaugural Agtech Summit, a groundbreaking event hosted in the heart of the Prairie Agri-Food community: Regina.
Among the numerous tales of triumph and inspiration, one stands out—the remarkable journey of Swift Charge. It began with a chance encounter at Summit VI in 2022, where Sheldon, a TNT Investor, crossed paths with the visionary minds behind Swift Charge. What started as advice blossomed into a partnership, culminating in Sheldon assuming the helm as their new CEO in 2024.
"I am now in due diligence with two investors I met pitching at the Summit!"
-Sector Summit participant
As we look back on the impact of our Summits, let's celebrate not just the numbers but the stories of resilience, innovation, and collaboration that define our community's spirit.
“How do we unleash latent capital in our community?” was the question we used to ask ourselves over IPAs and overcooked burgers. Knowing we didn’t have the track record to raise a fund, we started with $5,000 commitments from Angels to invest in their local deal flow.
And we’re so glad we did—we’ve deployed over $12M in less than four years. We’ve proven the investment thesis—great entrepreneurs exist everywhere, and their local community is best equipped to identify and support them.
So, how do we build a community-based venture capital fund? Inspired partly by our experience at Calgary- and Edmonton-based Venture Mentoring Services, we designed a fund where the investors are also active mentors to the portfolio companies. 37 LPs are participating, and 18 of them are now venture partners actively supporting the portfolio. Many of these are future leaders of our local venture capital community, working together to raise our collective game as investors and company builders.
In 2023, our efforts to connect with our communities bore some seriously sweet fruit. We saw a massive increase in online engagement, with our social media impressions surpassing half a million. We witnessed our follower counts explode, doubling across all platforms. But it wasn't just about the numbers; it was a testament to the stories we shared and how we shared them.
We leveraged TikTok, the platform of the moment, to reach new audiences, and we leaned into our most trusted channel, YouTube, to tell stories, educate, and celebrate to the tune of 15,000+ views.
Of course, the work we do goes beyond metrics; we reached new heights by amplifying diverse voices. Ultimately, we showcased the depth of our community by spotlighting the joy and camaraderie that define our journey toward building truly epic companies.
In the bustling heart of our community, amidst the vibrant energy of innovation and collaboration, we witnessed something truly remarkable unfold in 2023.
Picture this: 17,000 bright minds, each with unique stories and aspirations, coming together across our Happy Hours, Summit Events, and Education Sessions.
What's even more awe-inspiring? This impressive turnout nearly doubled from the previous year, a testament to the growing momentum and excitement surrounding what we're doing. From seasoned investors to budding entrepreneurs, from curious startup enthusiasts to visionary founders, each attendee added their own spark to the collective fire of progress.
But behind every success story lies a network of support, and we owe this achievement to our incredible partners, sponsors, and community members. Their unwavering dedication and belief in our mission fuelled the journey toward this number. Together, we've set records and fostered a sense of belonging and possibility within our ecosystem. As we reflect on this milestone, let's continue nurturing these connections and pave the way for greater impact and collaboration.
There is a reason meta is an anagram of team. Our team launched a happy hour so entrepreneurs could meet their co-founders, business partners, and investors all at one local place. And that’s where we all met (except Mandie, whom we met at a horse show).
It’s a feel-good meta-story where we build experiences to help our community members come together to achieve greatness. And we’re one of those community members. Living in our own story.
Our team is fun. Our team is dedicated. Our team embodies the mission. Our team is meta. And they love meat.
2023 team
Ambassadors
It all started at a Happy Hour.
From simple beginnings in Edmonton to five vibrant cities across the Prairies, we opened our doors to 256 unforgettable evenings to have fun and make friends as a community. It wasn't about the drinks or the venue – it was about the magic that unfolded when like-minded individuals gathered under one roof.
Something special happens amid the clinking of glasses and the buzz of conversation. Ideas are born, collaborations spark, and bonds form that will shape the future of innovation. Dozens of partners co-hosted a TNT Happy Hour in 2023. Partners that keep those connections fresh. But beyond the revelry, our community showed its heart, with $42,862 in donations pouring in to support our mission of having fun, making friends and building companies.
What's even more inspiring? It wasn't just about the numbers – it was about the 170+ individuals who believed in our vision enough to contribute. Each donation was a reminder of the power of coming together for a common cause. So, let's continue nurturing these connections, fostering innovation, and cultivating a collaborative culture.
Startup TNT is on a mission to educate founders and investors on fundraising, equipping them with the necessary skills and knowledge for successful deals. Building on 2022’s program, the focus shifted to more nuanced venture capital topics, resulting in our most-watched education program yet. We hosted 49 sessions with over 100 accomplished speakers, all recorded for future use. Looking ahead to 2024, Startup TNT plans to evolve our program further as we strive to serve our evolving community.
Investor Highlights
Esteemed speakers like Bruce Croxon (The Dragon) and Andrew Goldner (The Salesman) joined our roster
Expanded curriculum to include mentorship discussions with founders, insights on insights (even robots can be meta), and mock due diligence meetings.
Charles Plant (no relation to Robert) presented the Narwhal Project findings on metrics for a successful exit strategy, our most popular session to date.
Founder Highlights:
Introduced VC Office Hours for co-investment opportunities with top Canadian VCs (already seeing results)
Dug deeper with sessions on due diligence preparation, deal structuring, and round formation.
Collaborated with partners on pertinent topics like AI integration, financial modelling, and macroeconomic conditions.
In many ways, the TNT family gets bigger every year. Firstly, through our investment Summits where we add new companies to our portfolio. And secondly, as the founders that we’ve already invested in see success, they continue to raise capital, secure customers, and scale their teams – in other words, they grow. And sometimes, in our belt sizes, too.
When we see teams crushing it who we backed early on in their journeys, that’s how we know we’re on to something. That’s when we’re the most proud. And last year, the entrepreneurs we worked with made us as proud as we’ve ever been. Here’s why:
Our partners provide us with the resources to deliver our mission. We literally could not have fun without them.
It’s a collective effort to identify, support, and invest in promising entrepreneurs. In 2023, our 60 partners* did this every day.
*Recognized alphabetically.
