Company Logo Monday, January 30, 2006

Tech Capital II fund raises $60M

RON DERUYTER, RECORD STAFF

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Tech Capital Partners has raised another $10 million for its newest venture capital fund.

Fundraising for the Tech Capital II fund has closed, with investments in the fund totalling $60 million, the Waterloo-based venture capital firm said today. That's up from $50 million when the fund was announced in July.

The extra $10 million comes from Export Development Canada and other unidentified investors, Tech Capital said. BDC Venture Capital, Edgestone Capital Partners and OMERS Capital Partners previously committed money to the fund.

"This is another validation that people view this region as one of the best places in Canada to invest in early stage companies," Tim Jackson, a Tech Capital partner, said in an interview.

Export Development Canada's decision to invest reflects the success local technology companies such as Research in Motion have had in global markets, Jackson said.

"I think EDC (Export Development Canada) is saying "There is fertile ground here to find other companies that will have a global presence,'" he said. "That is what they are looking to invest in."

The Crown corporation's participation also means the companies Tech Capital has invested in will have access to its expertise in issues relating to exporting, Jackson said.

"It's just one more thing we can bring to the table."

The new fund has already invested in two technology companies.

Two weeks ago, it announced it is investing up to $1.8 million in LiveHive Systems, a Waterloo startup that is developing software for online real-time betting on specific aspects of sporting and pop culture events.

In December, it participated in a $10.1-million round of financing for Software Innovation, a developer of web-based software for managing large construction projects.

The company is in the process of moving its headquarters to Kitchener from Toronto.

Tech Capital invests in technology companies in the Waterloo Region area that are in the early stages of development. Including its other funds, it manages $95 million in venture capital.

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