BDC Venture Capital excited to work with Boris Wertz as part of strategy
to help emerging Canadian GPs and to bring new investment models into
the Canadian venture capital ecosystem
VANCOUVER and MONTRÉAL, Feb. 21, 2013 /CNW Telbec/ - Boris Wertz,
successful Internet entrepreneur turned tech investor, and Business
Development Bank of Canada (BDC) Venture Capital, Canada's largest
institutional venture capital investor, are announcing today the final
close at $19 million in committed capital of Version One Ventures, the
new micro venture capital fund in which they are the lead investors.
When the first closing took place last July, Version One had gathered close to $10 million and was aiming for $15
million. In the end, this target was surpassed by $4 million, or about
25%. Vancouver's Jeff Mallett (former president of Yahoo) is also
taking part, as well as other successful American and Canadian Internet
entrepreneurs and high-net worth individuals.
BACKING PASSIONATE ENTREPRENEURS
Boris Wertz, who is directly managing the fund, says that the success of
Version One shows that its investment thesis is fundamentally strong.
"It's fairly simple: we're looking for passionate entrepreneurs who are
trying to solve a big problem with a strong product vision," he
Version One Ventures was born out of Wertz's personal angel investing
projects. The fund's typical investments will be in the $250,000 to
$500,000 range for seed and Series A financings of consumer Internet,
e-commerce, SaaS and mobile companies in Canada and the US. Version One
plans to invest in at least 25 new startups over the next 4 to 5 years
and aims to become one of the top ten IT seed funds in North America.
INVESTORS VITAL TO THE ECOSYSTEM
BDC Venture Capital is Canada's largest institutional venture capital
investor and the only institutional VC participating in Version One. In
deciding to invest in the fund, BDC VC pointed to Boris Wertz's track
record, sector expertise, extensive network and deep commitment to
helping entrepreneurs succeed.
"Investors who are knowledgeable and involved in their companies are as
vital to a healthy startup ecosystem as the entrepreneurs themselves,"
said Senia Rapisarda, Vice President of Strategic Investments and
Initiatives, BDC Venture Capital. "We are now making it our business to
help successful "super angels" such as Boris Wertz, who possess a
unique combination of operational and venture investment experience, to
bring their investment activities to the next level. This is part of a
strategy to help emerging Canadian GPs and to bring new investment
models into the Canadian venture capital ecosystem."
Michael Mahon, Director of Strategic Investments and Initiatives at BDC
Venture Capital, will continue his successful management of BDC Venture
Capital's participation in Version One. BDC Venture Capital's Vice
President of Fund Investments, Neal Hill, will contribute to the
governance of the fund as a member of Version One's Limited Partners
OVER $2.5 MILLION INVESTED IN 2012
Since beginning operations last year, Version One Ventures has made 11
investments totalling more than $2.5 million across 3 different areas:
e-commerce (Frank & Oak, Julep, Instacanvas, SaaS Jobber, Top Hat Monocle), and marketplaces (tindie, GroupTalent, Clarity) - with a fairly equal allocation across these sectors, as well as
between B2C- and B2B-type companies. Canada and the US are also equally
represented, with startups in Vancouver, Edmonton, Toronto and
Montreal, and in the San Francisco Bay area, Portland, Seattle, Los
Angeles and New York.
About Venture One Ventures
Version One Ventures is an early-stage fund investing in outstanding
consumer internet, SaaS and mobile entrepreneurs throughout
North-America. Read more at versiononeventures.com.
About BDC Venture Capital
BDC Venture Capital helps great ideas become great companies. With more
than $1 billion in current and planned investments and 25 years of
experience in venture capital, BDC Venture Capital focuses on
innovative IT, health, and energy/clean technology companies, as well
as venture funds, with high growth potential. BDC Venture Capital works
with entrepreneurs and venture capital investors in the private sector
to build outstanding Canadian companies. BDC Venture Capital is
involved at every stage of the development cycle, from seed through
expansion to exit, and its goal is to deliver excellent return on
investment, while working to create a sound financial ecosystem for
Canadian technology ventures. Find out more at www.bdc.ca/vc or on Twitter @BDC_VC.
SOURCE: BUSINESS DEVELOPMENT BANK OF CANADA
For further information:
BDC Venture Capital
Dr. Boris Wertz
Version One Ventures