Ventures West Closes Largest Private Venture Capital Fund Ever Raised in Canada
Ventures West 8 to invest $250 Million in technology startups in Canada
Toronto, ON - Ventures West Management Inc., one of Canada's largest privately owned venture capital companies, announced that it has closed its eighth venture capital fund at $250 million. The fund, the largest private venture capital fund ever raised in Canada, will invest in early stage technology companies in the biotechnology, communications, energy technology, and information technology sectors.
"This is a record fund for Ventures West and for the Canadian venture industry," said Robin Louis, President of Ventures West. "The fact that we raised more money than our previous fund, which was raised at the peak of the technology boom, is testament to the confidence Institutional investors have in Ventures West and in the venture capital industry in this country." Ventures West closed a $235 million fund, Ventures West 7, in 2000. "We had to increase the maximum size of Ventures West 8 to accommodate all the pension funds that wanted to invest," added Louis.
Investors in the fund include British Columbia Investment Management Corporation, Business Development Bank of Canada, Caisse de dépôt et placement du Québec, CPP Investment Board, EdgeStone Capital Partners, OMERS, University of Toronto Asset Management Corp., Teachers´ Private Capital, the private equity arm of the Ontario Teachers´ Pension Plan, and several other large institutional investors. "We have attracted all of the largest, most influential pension plans in Canada as investors in our fund," added Louis. "These are sophisticated, long term investors in private equity who can invest in funds from all around the world. We are delighted with their commitments to Ventures West 8."
Ventures West 8, which held a first close in November 2003, has invested in three companies so far: NeurAxon Inc., Novadaq Technologies Inc. and GaleForce Solutions Inc.
The fund will invest in technology companies that have the potential to become worldwide market leaders and which are led by talented, visionary entrepreneurs. Ventures West expects to invest in 6 to 8 new companies each year and commit $5 to $15 million per company, over multiple rounds. "We will provide the capital and the expertise to help create the next generation of industry success stories," said Louis.
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