Non-dilutive funding with Fundica and PasswordBox

PasswordBox is a Canadian password security firm – allowing users to securely store, retrieve and share passwords on any device for free. During PasswordBox’ early stages of development, CEO Dan Robichaud was looking for grants to accelerate their growth.




Unable to find a grant that was right for their business on their own, PasswordBox reached out to Fundica, a free online tool that helps startups, SMEs and large companies find funding. Fundica identified funding programs for PasswordBox and helped them secure a $335,000 startup grant from Ministère l’Enseignement supérieur, de la Recherche, de la Science et de la Technologie du Québec (MESRST) through the Programme d’appui à l’innovation (PAI).

PasswordBox has since accelerated its growth and success and has been acquired by Intel. Inspired to pay it forward and pay homage to its origins, Dan Robichaud donated the funds need to open the Osmo Café at the Notman House (home to FounderFuel and Real Ventures).

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Inspired by Fundica and with the Fundica team’s help, we have created a list of non-dilutive funding sources for startup founders in Montreal and in the wider Canadian tech community. Non-dilutive capital is capital that does not require the sale of company shares and therefore doesn’t cause dilution of existing shareholders. The types of funding include loans and R&D, University and more general grants. Along with these categories we included, for each source, the location, a description, application criteria, the value, contact information and the application deadline. Some of the grants include Jeunes Promoteurs (PME MTL), and Fondation Mtl Inc, and loans such as Futurpreneur and Femmessor.

This comprehensive, easy to use, up-to-date free funding search tool was created to help answer one of the many recurring questions founders want answered: what are the different types of funding available within Canada and where to look to find them? Oftentimes, just finding applicant information is time consuming and complicated. That’s why Fundica has created a completely free tool that matches companies with tailored lists of resources, including grants, tax credits, loans and equity provided by the federal, provincial and municipal government as well as private investors. Fundica has helped many companies find funding, some of their most notable accomplishments include Merchlar that raised $1 million and Brayton Energy that raised $1.8 million of non-dilutive capital through the tool. The folks behind Fundica also plan a coast to coast roadshow each year, inviting local founders and entrepreneurs to attend, network and pitch. The Fundica Roadshow visits 10 cities per year, where up to 20 startups get to pitch their business to a panel of private and public funders for feedback, the potential of getting funded and winning the grand prize. At each event, the best pitch, wins a roundtrip to San Francisco to pitch to Valley investors and 3 months of office space in San Mateo. This year’s roadshow stopped in Montreal at the Notman House on March 29th, where GradeSlam swept the prize! The Fundica Roadshow will be back in Montreal on May 13th at Technoparc.

You can view the list here to get you started on your hunt for non-dilutive funding sources. For a more targeted and full search, please go to, where you can get help from the experts!

Thank you to Ella & Lana for their contribution to this post.

Thibaud Marechal

Thibaud was born and raised in Nice, France and came to Canada to study Information Systems at McGill University. During his time at McGill he attended the MIT GFSA Accelerator where he developed Uniiv, an EdTech startup. Back in Montreal he launched Igloo, a RealTech Business while also working for an International VC Fund. Upon graduation he joined the McGill Dobson Centre for Entrepreneurship full-time and created and led the McGill X-1 Accelerator, which ran it’s first Cohort in the Summer of 2015. He is a fanatic lover of bicycles and all sorts of documentaries. He also enjoys spending time on Quora discovering new things. Thibaud believes that “it’s easier to ask for forgiveness than it is to get permission.”

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