The new company creation studio BrandProject launched Thursday with $12 million in funding and the aim of “turning consumer products into household names.”

Based in Toronto and New York City, the new company will make seed-stage investments in consumer companies across North America. In addition to investing in and mentoring consumer-focused companies, BrandProject will also incubate products and brands in-house.

"BrandProject takes a design-led approach to building consumer products," says Andrew Black, founder and chief executive officer, BrandProject. "We look for disruptive ideas to reshape experiences and capture the public's imagination across a variety of verticals."

BrandProject's founding partners have collectively launched more than 100 new products and services for companies including Nike, LEGO, Virgin, Colgate Palmolive, Cadbury-Schweppes, Diageo and Starbucks.

Among the brands the new company has already invested in are Awake Caffeinated Chocolate, The Coveteur, Brika and Hello Products. BrandProject is now looking for to invest in entrepreneurs who are creating transformational branded consumer products or services that have the ability to become large, successful businesses.

"BrandProject fills a large gap in the current funding landscape," says Sarah Prevette, co-founder and managing partner, BrandProject. "There are very few investors actively engaged in consumer packaged goods and fewer still that have a background in the space. Beyond capital, our partners work alongside entrepreneurs, actively investing their extensive operational experience."