The DMZ expands reach to Bermuda to establish new hotspot for global tech opportunities with InnoFund
Launching in partnership with InnoFund Limited, i3 powered by the DMZ helps startups achieve hypergrowth and supports economic development in Bermuda
TORONTO, October 21, 2021 – The DMZ at Toronto Metropolitan University has announced the opening of the Innofund Innovation Incubator powered by the DMZ (i3 powered by the DMZ), a new startup incubator launched in partnership with InnoFund Limited. As a key centre for global trade, the new Bermudian innovation hub will act as a one-stop shop to help founders build cutting-edge technology and scale their startup growth.
Known for its welcoming tech scene and growing specialization in industries like Blockchain, InsurTech and FinTech, the Bermuda business landscape makes an ideal environment for a startup incubator. i3 powered by the DMZ will operate under the DMZ’s proven service delivery model, meaning program participants will have access to mentors, an investor network, expert-led workshops and the award-winning startup support offered at the DMZ’s headquarters in Toronto. Programming is designed to support tech global founders who are pursuing new business opportunities and are excited to call Bermuda home.
As of today, i3 powered by the DMZ is accepting applications and welcoming startups to apply who have a technology solution with a minimum viable product and customer validation.
“Innofund is proud to launch its signature i3 powered by DMZ’s program that will ensure international startups benefit from everything the Bermuda market has to offer. This partnership with the DMZ represents a golden opportunity to accelerate entrepreneurship growth in Bermuda. By plugging into the DMZ’s model, we hope to create a hub to host major technology companies for years to come” says InnoFund CEO, Aaron Smith.
“Our partnership with the DMZ ensures startups accepted into the i3 powered by DMZ’s program will have a first-class arrival in Bermuda,” says Gayle Gorman, InnoFund Director and head of the Bermuda program. “We are excited to welcome startup technology companies and provide them with the tools and support needed to prosper and grow within Bermuda’s business ecosystem.”
DMZ alumni and InnoFund Limited Co-Founders, Jack Benaim and Jamie Thain, are eager to continue their work of helping kick-start Bermuda’s third pillar. “By continuing to bring globally acclaimed programs, community and partnerships to an island ripe with endless possibilities, our plan is to continue delivering for the people of Bermuda.” says Jack Benaim, Co-Founder and Director of InnoFund. Since joining the DMZ, we’ve come to recognize the impact entrepreneurship can create while discovering and developing innovative technologies in very trying times.”
“With the establishment of our new program and the opening of i3 powered by DMZ, we have demonstrated that Bermuda is a growing startup ecosystem that incentivizes the exploration of innovation while offering an initial growth strategy that spans the Trans-Atlantic. Everybody wins!”
“This partnership presents significant growth opportunities for both tech founders and for Bermuda’s economy,” explains Abdullah Snobar, the DMZ’s Executive Director. “Between its ideal location, breadth of niche industries and desirable lifestyle, Bermuda has got it all. By virtue of these appealing offerings, the region has attracted an abundance of startups and top tech talent. i3 powered by the DMZ will help companies foster innovation, make profitable business connections and drive job creation in Bermuda.”
Down the line, InnoFund and the DMZ will also be expanding their model to meaningfully engage the robust reinsurance sector in Bermuda and provide opportunities for reinsurance companies to partner with global startups in insurtech and adjacent sectors such as climate tech and blockchain.
To lead this effort, InnoFund has brought on Devon Sherman who formerly launched MassChalllenge FinTech, a global accelerator program headquartered in Boston that drives intentional partnerships between startups and large enterprises in insurance, asset management and banking including companies such as MassMutual, Fidelity Investments and John Hancock Financial Services.
For more information about i3 powered by the DMZ and to apply, visit dmz.to/i3.
Media contact
Luvy Hardy, The DMZ
luvy.hardy@torontomu.ca
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About The DMZ:
The DMZ is a leading startup incubator equipping the next generation of leading tech entrepreneurs with the tools needed to build, launch, and scale highly impactful startups. By providing connections to customers, coaching, capital, and a community, the DMZ’s customized approach helps innovators reach the next milestone in their entrepreneurial journey – whatever that might be. Through its award-winning programming, the DMZ has helped more than 620 startups raise $1.42 billion in capital and create 4,400+ jobs. Headquartered in Toronto, Canada with globally-accessible programming, the DMZ has a widely-recognized international presence with offices in Vietnam and India, and partnerships across North America, Latin America, Africa and Asia.
About Innofund Limited:
Innofund is a strategic partner for both startups and capital providers seeking to leverage the jurisdictional advantages of Bermuda. Operating from our base in Bermuda, Innofund supports technology-based companies with innovative solutions that can scale globally.
