VENTURE NEWFOUNDLAND AND LABRADOR LP AND PARTNERS INVEST $1.9 MILLION IN NEWFOUNDLAND AND LABRADOR COMPANIES
January 26, 2016
Three growing Newfoundland and Labrador companies will be the latest investments totaling $1.9 million in funding today by Venture Newfoundland and Labrador LP, BDC Capital, Killick Capital and private angel investors. Managing Director of Venture Newfoundland and Labrador LP, Tom Hayes, and the Hon. Chris Mitchelmore, Minister of Business, Tourism, Culture, Recreation and Rural Development will join founders and investors today at Common Ground in the latest funding announcement.
Sentinel Alert, co-founded by Sarah Murphy and Jason Janes, is a graduate company of the Propel ICT program and will receive$525,000 from Killick Capital and VentureNewfoundland and Labrador and a private angel investor.
Hey Orca, co-founded by Joe Teo and Sahand Seifi , is a graduate of the Prope ICT Build program and a client of the Genesis Centre, will receive f new investment totalling $650,000 from BDC Capital, Killick Capital and Venture Newfoundland and Labrador LP.
Clockwork Fox, founded by Ed Martin will receive $750,000 in new investment from Killick Capital and Venture Newfoundland and Labrador LP.
Managing Director Tom Hayes notes the significance of today’s announcements for the fund, “Our latest round of investments showcases the commitment of investors from across the province and the nation in our joint belief that access to capital enhances innovation and entrepreneurial spirit here at home. The three diverse companies receiving funding today are well positioned to enhance the local technology sector, create jobs and open new doors to export markets as they build innovative products and services in their chosen markets.”
Venture Newfoundland and Labrador LP is a public/private venture capital fund created by Pelorus, the Province of Newfoundland and Labrador, BDC Capital Inc. and private angel investors. It made its first investment last July in St. John’s based precision medicine company, SequenceBio. The goal of the Fund is to invest in and partner with entrepreneurs with innovative technologies, to help commercialize their product and services and grow their companies while providing venture returns for the investors.