VENTURE NEWFOUNDLAND AND LABRADOR FUND IS OPEN FOR BUSINESS
May 26, 2015
Pelorus Venture Capital Limited, the manager of Venture Newfoundland and Labrador is pleased to announce the first closing of the fund by three investors including the Government of Newfoundland and Labrador, BDC Capital and Pelorus Venture Capital GP Limited.
This new fund will focus on early stage, innovative knowledge based companies across the province and helps to address the challenges faced by local entrepreneurs when they seek capital to grow their businesses.
“We are very excited to move to this next phase as we start to assess investment opportunities on behalf of the fund” said Tom Hayes, Managing Director of Pelorus. “At the same time we are now introducing the fund to the local angel community who will benefit from a 30% non-refundable tax credit provided by the province when they invest in the fund.”
“Our government is committed to fostering a healthy business climate which encourages economic diversification. Through the establishment of the Venture Newfoundland and Labrador Fund, we are providing the necessary backing to Newfoundland and Labrador’s new start-ups and promising entrepreneurs in the very early stages of their development, when they need this kind of support the most. By investing in local venture capital funds, and by encouraging others in the province to do the same, we are helping to drive the growth of innovative businesses, that will not only strengthen our economy in the future, but will expand the range of opportunities for people who live and work in this province.” - The Honourable Darin King, Minister of Business, Tourism, Culture and Rural Development
“BDC Capital’s participation in the Venture Newfoundland and Labrador Fund reflects our strategic commitment to ensuring a vibrant venture ecosystem in Atlantic Canada. We’re pleased to partner with Pelorus Capital as well as the Province of Newfoundland and Labrador to help back the most promising technology entrepreneurs in the province,” said Michael Mahon, Director, Venture Capital – Strategic Investments & Partners at BDC Capital. “The Pelorus team is solid and we are convinced they will be a source of ‘smart capital’ for both angel investors in the Fund as well as investee companies.”
It is expected the fund will have a final capitalization of between $15.0M and $20.0M when all fundraising efforts have been completed. Pelorus Venture Capital Limited is operating from the Common Ground facilities in St. John’s. 30 Harvey Rd #2 St John's, NL A1C 2G1
Pelorus Venture Capital Limited email@example.com
709 701 0121
About BDC Capital
A subsidiary of BDC, BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than
$1 billion under management, BDC Capital takes a strategic, patient approach to nurture companies’ development over the long term. From venture capital to equity to growth and transition capital, our team of over 100 experienced, local professionals partner with entrepreneurs to identify and meet their needs on flexible terms. Some of the sectors in which we specialize include IT, industrial/clean/energy technology, and healthcare. For more information, please visit www.bdccapital.ca or follow us on Twitter