FOSTERING A CULTURE OF INVESTMENT AND GROWTH VENTURE NEWFOUNDLAND AND LABRADOR ANNOUNCES FIRST INVESTMENT

July 21, 2015

Sequence Bio is the first company to benefit from Venture Newfoundland and Labrador, a venture capital fund established by the Government of Newfoundland and Labrador and managed by Pelorus Venture Capital Ltd. The fund is designed to provide greater access to capital for innovative entrepreneurs with high-growth potential start-ups.

“Our government established Venture Newfoundland and Labrador to support entrepreneurs and to encourage innovation and new business growth. Investments such as this are essential to fostering a more diverse economy and are a key factor in this government’s Population Growth Strategy. I am pleased to celebrate today the first company to benefit from the fund, Sequence Bio. Their work shows a progressive business culture is alive and well in Newfoundland and Labrador.”
- The Honourable Darin King, Minister of Business, Tourism, Culture and Rural Development

On behalf of Venture Newfoundland and Labrador, Pelorus Venture Capital Ltd. is investing $300,000 in Sequence Bio, a health information and technology data and analytics company founded by Tyler Wish and Chris Gardner in 2013.“We are pleased to announce this first financing by Venture Newfoundland and Labrador in Sequence Bio and we believe Sequence Bio is a great example of the type of company we expect to find and support in the years ahead. It’s an exciting time to be an entrepreneur in Newfoundland and Labrador.”
- Tom Hayes, Pelorus Venture Capital Ltd.

Sequence Bio is a current client of the Canadian Technology Incubator in Boston which provides residence at the Cambridge Innovation Centre in Kendall Square as well as advisors from leading venture capital and biotech firms located in Boston.

“Sequence Bio is a Newfoundland and Labrador company that is aiming to be a global leader in the emerging paradigm of precision medicine. The recent financing led by Venture Newfoundland and Labrador accelerates our company’s vision to improve patient care by enabling data-driven innovation in the field of precision medicine.”
- Tyler Wish, Founder and CEO, Sequence Bio

The Provincial Government invested $20 million in two venture capital funds, Venture Newfoundland and Labrador and Build Ventures in 2014. The Venture Newfoundland and Labrador Fund is a venture capital fund solely for local business that will provide funding to support new start-ups and companies in the very early stages of their development. Along with a $10 million Provincial Government investment, the fund is supported by $2 million from BDC Capital and additional funding from private investors.

Live Here, Work Here, Belong Here, A Population Growth Strategy for Newfoundland and Labrador, 2015-2025 is the Government of Newfoundland and Labrador’s 10-year plan to support individuals and families. The strategy will ensure investments and programs are aligned to encourage individuals to choose Newfoundland and Labrador to live, work and raise a family. The Population Growth Strategy is supported by four action plans covering the main elements of population growth – workforce, families, communities and immigration.

QUICK FACTS
• Sequence Bio is the first company to benefit from Venture Newfoundland and Labrador,
a venture capital fund established by the Government of Newfoundland and Labrador.
• On behalf of the fund, fund manager Pelorus Venture Capital Ltd. is investing $300,000 in Sequence Bio, a health information and technology data and analytics company
founded by Tyler Wish and Chris Gardner in 2013.
• The Provincial Government invested $20 million in two venture capital funds, Venture
Newfoundland and Labrador and Build Ventures in 2014.
• The Provincial Government’s Population Growth strategy will ensure investments and
programs are aligned to encourage individuals to choose Newfoundland and Labrador
to live, work and raise a family.

For more information visit
www.gov.nl.ca/populationgrowth/


Media contacts:
Tansy Mundon
Director of Communications
Department of Business, Tourism, Culture and Rural Development
709-729-4570, 693-1865 tansymundon@gov.nl.ca

Karen Moores Sequence Bio 709-697-0734 Karen@sequencebio.co
2015 07 21

Tom Hayes
Managing Director
Pelorus Venture Capital Ltd tom@pelorusventure.com 709-701-0121, 902-441-3827

 

PELORUS VENTURE CAPITAL LIMITED

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