B.C. government awards $55 million to Canadian venture firms |
Connect with TechFlash on our Facebook page for all the latest technology news headlines and commentary, plus information and access to special events, photos from events, promotions and more.
Today On Techflash
- WTIA announces Industry Achievement Award finalists
- What's the most you'll pay for an app? Execs have their limits
- Apple seen unveiling iPad 3 in first week of March
- Paul Allen's Vulcan wants taller South Lake Union buildings
- Bezos loses $300M on Forbes' billionaire list
- Startup seeks a new start: What's next for EquaShip?
- UW opens New Ventures Facility for startups
- Apps for daily living: Executives name their favorites
- Check out this app: Executives list the ones they use most
- Microsoft, Apple speak out on patents amid mobile-technology wars
- Keiretsu Forum NW invested $24 million in 36 startups in 2011
- TechNet study: Washington third in 'app economy' jobs
- Pioneer Square: a little fiber to go with all that brick
- 'Fast Pitch Forum' to debut May 27 with some familiar names
- Pioneer Square: a little fiber to go with all that brick
- Startup seeks a new start: What's next for EquaShip?
- What's the most you'll pay for an app? Execs have their limits
- Keiretsu Forum NW invested $24 million in 36 startups in 2011
- Amazon, Apple make tech the new stable source of jobs in the U.S.
Mass High Tech
B.C. government awards $55 million to Canadian venture firms
The BC Renaissance Capital Fund -- an entity of the British Columbia government -- has awarded $55 million to four venture capital funds.
Iain Black, the Small Business, Technology and Economic Development Minister, said that the funds will be used to help "build anchor technology companies in our province." Recipients of the funds include Tandem Capital, Vanedge Capital, Wesley Clover and Yaletown Venture Partners.
They join venture capital firms -- ARCH Venture Partners, Kearney Venture Partners and VantagePoint Venture Partners -- which were already part of the initiative. Together, they will be able to invest $90 million from the fund.
To date, $9 million from the B.C. Renaissance Capital Fund has led to a total of $37 million being invested in five B.C. companies. Those include a $6.45 million investment from Yaletown in Indicee, a Vancouver, B.C.-based startup that specializes in online business reporting tools. And Ostara Nutrient Recovery Technologies -- a Vancouver company that is developing environmentally-friendly fertilizers -- raised $10.5 million from VantagePoint.
Money from the Renaissance Capital Fund does not have to be invested directly in British Columbia startups, though Todd Tessler, vice president of venture investments at the fund, tells The Vancouver Sun that investors must have a strategy for making sure that they "see the best B.C. opportunities."
For years, Seattle venture capital investors have talked about taking a closer look at opportunities in B.C. And while a few deals have occurred -- including OVP's backing of Victoria-based GenoLogics -- there's still not too much cross pollination between the two tech hubs.
Kevin Cable, a co-founder of Seattle investment bank Cascadia Capital, had this to say about the B.C. tech community in a story I wrote six years ago.
"It looked and felt and smelled like Seattle 10 years ago," said Cable. "And I do believe that was the beginning of a wave of a number of Seattle venture capitalists and (San Francisco) venture capitalists going up there."
John Cook is co-founder of TechFlash. Follow on Twitter @johnhcook.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
TechFlash Team
Recent Sponsor Posts
Who's creating today's energy efficient buildings? Find out at the BetterBricks Awards, Feb. 16
BetterBricks Awards salute the individuals leading the way for high performance commercial buildings with an emphasis on energy efficiency. Join us as we recognize these standout green building professionals.
Award categories include: Advocate; Architect/Designer; Facility Manager/Operator; and Owner/Developer.
Keynote Speaker: Kevin Kampschroer, Director of U.S. GSA's Office of Federal High Performance Buildings. Kevin leads the U.S. General Services Administration's efforts in building sustainability and accelerating industry adoption of sustainable principles across all aspects of a building's life.
Register here by February 10!
If you are interested in buying a table, email Monica Alquist or call her at 206-876-5404.
The Triple Door Presents: The Atomic Bombshells "J'ADORE!: A Burlesque Valentine"
Seattle's reigning Burlesque super-troupe delivers a gorgeous and glittering VALENTINE featuring some of the Bombshells' most exhilarating acts to date. J'Adore! promises to celebrate l'amour with good humor, style, and a healthy dose of dazzle! Bring a friend, a lover, a family member, or a secret crush, and celebrate with the Valentine's Burlesque spectacular that will leave you shouting: "J'ADORE......The Atomic Bombshells!" The incomparable Jasper McCann emcees with high style and charm.
Please visit www.thetripledoor.net for a full schedule of future performances.
The Triple Door Presents: Bob Mould – See A Little Light: An Evening of Reading and Music
"Bob Mould. Those two words are synonymous with integrity. From Husker Du in the last century to right at this moment, Bob is the real deal, writing and playing music for music's sake. He's a great songwriter and performer. I have been a fan of Bob's for thirty years now with no end in sight." -Henry Rollins
Please visit www.thetripledoor.net for a full schedule of future performances.
Why Choose BDO for your SOC (previously SAS 70) Reports?
BDO’s experience in providing attestation services (SAS 70/SSAE 16, AT 101, AT 201, AT 601, etc.) to a broad range of industries, and our team of skilled professionals distinctly qualifies us to serve as your company’s Service Auditor. By leveraging the BDO global network of control specialists, we are poised to provide global services in more than 1,000 offices and across 119 countries. Many organizations find that investing in reports on controls may result in benefits, including:
• Increased client confidence
• Improved competitive advantage
• Minimization of frequent audits
• Streamlined business processes and controls
• Enhanced risk management
For detailed information contact Paul Martini at pmartini@bdo.com.
