Wednesday, January 20, 2010
Bering Media Secures Series A Financing
Toronto, Canada – January 20, 2010 – Bering Media, a location-based advertising company, today announced that it has completed its Series A financing round led by Tech Capital Partners, with participation from GrowthWorks Commercialization Fund and from the newly created Ontario Emerging Technologies Fund (OETF). This follows an initial seed investment made by the Ontario's Investment Accelerator Fund (IAF) in early 2009. Bering Media will use the investment to grow its engineering team and expand its sales and marketing efforts.
“I can’t think of a better way to start 2010,” said Michael Ho, President & CEO. “This round shows a significant vote of confidence in our team, our technology and our market opportunity. We are extremely excited to have the support of investors like Tech Capital, IAF, GrowthWorks and OETF.”
Founded in late 2008, Bering Media’s technology brings real-world targeting capabilities to the online advertising industry. Through a patent-pending privacy architecture, Bering Media allows online ads to be targeted accurately by geography, down to the neighbourhood level.
This marks the first series of investments made by the $250M Ontario Emerging Technologies Fund, managed by the Ontario Capital Growth Corporation (OCGC). “We are very proud to have been chosen as the first Series A investment made by the OETF,” said Michael Ho. The OETF follows the investment made by Tech Capital Partners, approved as a qualified investor by the OCGC.
“Bering Media’s approach to providing neighbourhood level advertising on the Internet without infringing on individual privacy is disruptive and has the potential to become the de facto standard for geotargeting online,” said Tim Jackson, Partner, Tech Capital Partners. “Targeting at this level is the equivalent of direct mail but until now, technology has not existed to enable this level of targeting online.”
About Bering Media
Based in Toronto, Canada, Bering Media is a location-based advertising company focused on bringing hyper local targeting to any website. Through a unique privacy architecture, Bering Media's technology allows media companies and advertising agencies to accurately reach the most relevant and responsive demographics online. For more information, www.beringmedia.com.
About Tech Capital Partners
Based in Waterloo, Ontario, Tech Capital Partners manages $95 million in venture capital. Tech Capital provides financing, hands-on leadership, market strategy and operational guidance to technology companies that have the potential to compete at a global level. Since its inception in 2001, Tech Capital has invested in some of Canada's most innovative high-tech companies, including: Avvasi (www.avvasi.com), Coreworx (Acquired by Acorn Energy - www.coreworxinc.com), Covarity (www.covarity.com), ecobee (www.ecobee.com), LiveHive Systems (www.livehivesystems.com), Metranome (www.metranome.net), Overlay.TV (www.overlay.tv), PostRank (www.postrank.com), Sandvine (TSX:SVC; AIM:SAND) (www.sandvine.com), Sidense (www.sidense.com), Sirific Wireless (Acquired by Icera - www.icerasemi.com), and VideoLocus (Acquired by LSI Logic). An active advocate of innovation and entrepreneurialism, Tech Capital maintains a strong presence in the technology business community. For more information, please visit http://www.techcapital.com.
GrowthWorks refers to GrowthWorks Ltd. and its related companies providing services to GrowthWorks managed retail venture capital funds.
GrowthWorks Ltd. is a wholly owned subsidiary of Matrix Asset Management Inc. (TSX: MTA). Matrix is a diversified asset and wealth management company with offices across Canada. The company's mission is to provide a diverse array of investment choices and the best possible investment management service to Canadian investors and institutions. The company manages approximately $3 billion in assets through three operating divisions.
About the Ontario Emerging Technologies Fund
The Ontario Emerging Technologies Fund (OETF) is a direct investment fund established in 2009 by the Province of Ontario and administered by the Ontario Capital Growth Corporation (OCGC), an agency of the Ministry of Research and Innovation. The OETF is a $250-million, five-year fund that co-invests alongside qualified investors in innovative, high-growth, private Ontario companies. The fund focuses on investments in Ontario companies in three sectors: clean technology, life sciences and advanced health technologies, and digital media and information and communications technology. For more information, www.ontario.ca/ocgc.