Canadian Marketing Group No Fixed Address Backs Another Startup: Courage

Former partners at Canadian ad agency Rethink who confirmed last month that they were going out on their own—with backing from No Fixed Address--have unveiled the name of their new agency: Courage. 

Co-founders and CCOs Dhaval Bhatt and Joel Holtby launched the Toronto-based creative shop with President and Partner Niki Sahni. Bhatt and Holtby are responsible for award-winning campaigns for brands like Ikea, Heinz, Molson Canadian, Honey Nut Cheerios and Scotiabank.

No Fixed Address—also based in Canada--is led by co-founders Dave Lafond and Serge Rancourt.

Courage becomes the latest addition to the NFA group of agencies which span creative, health care, performance marketing, digital and media. A couple of years ago it backed New York-based Mischief @ No Fixed Address which is led by former BBDO creative Greg Hahn. Mischief is the group’s first U.S. outpost.



Lafond and Rancourt started NFA six years ago after spending more than a decade as key players building the Publicis brand in Canada.

In 2021, NFA’s North American revenue rose 100%, driven in large part by growth from Mischief and NFA Health.

“The No Fixed Address Inc model is built to be people-first,” said Lafond. “We are a home for the most incredible talent who desire the freedom and flexibility to forge an exciting future for creativity. When they dream it, we build it."

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