ST. JOHN'S, NL, Feb. 6, 2012 /CNW/ - GrowthWorks Atlantic Venture Fund
and the Research & Development Corporation (RDC), a Crown corporation
of the Government of Newfoundland and Labrador, today announced a
combined $542,000 investment in the development of a new and innovative
marketing analytics tool from adfinitum Networks Inc.
Of the total investment, $350,000 is an equity investment from the
GrowthWorks Atlantic Venture Fund and $192,000 is a research and
development (R&D) project investment from RDC. Today's support brings
the Provincial Government's total investment in adfinitum Networks to
"Access to capital is critical for small businesses as they undertake
product development, marketing activities, and ultimately expand their
operations," said the Honourable Keith Hutchings, Minister of
Innovation, Business and Rural Development and Minister Responsible for
RDC. "To assist small businesses like adfinitum Networks, it is
important to bridge that gap and assist businesses address their
immediate needs and position them for success over the long-term. The
involvement of GrowthWorks in this endeavour is even more exciting as
venture capital-backed companies have greater opportunities for
GrowthWorks Atlantic Venture Fund is a leader in Canadian venture
capital management. Its managed funds provide investment capital for
Canadian companies and tax-advantaged investment opportunities for
"The fund has invested $350,000 in adfinitum Networks, making it the
third portfolio company we have within Newfoundland and Labrador," said
Thomas J. Hayes, President and CEO of GrowthWorks Atlantic Venture
Fund. "We are delighted to be working with experienced angel investors,
the Research & Development Corporation of Newfoundland and Labrador and
ACOA to provide knowledge based companies with the capital and
expertise to commercialize and expand their businesses."
RDC works with R&D stakeholders including business, academia and
government agencies and departments to improve Newfoundland and
Labrador's R&D performance.
"Supporting the R&D needs of entrepreneurial companies such as adfinitum
Networks is an important role for RDC," said Glenn Janes, Chief
Executive Officer of RDC. "Given the scope of success that the company
has experienced to date, adfinitum Networks is strategically
positioning itself for future growth and the next generation of its
RDC's investment will help with the technical and financial risk that is
involved in extending adfinitum Network's market reach and product
offering to create two new services: Analytics and Ad Spend. These new
innovative technologies will be developed as a module that sits on top
of the company's existing database of ad creative, which will provide
marketers valuable information about competitor advertising such as how
often competitors are advertising and where competitors are
"I am very pleased to be able to partner with GrowthWorks Atlantic and
the Government of Newfoundland and Labrador," said Ed Clarke, CEO of
adfinitum Networks. "Not only do they provide capital but they also
have the experience and skills to help develop successful companies."
GrowthWorksTM managed funds provides investment capital for Canadian
companies and tax-advantaged investment opportunities for Canadian
investors. GrowthWorks is part of the Matrix Asset Management Inc.
(TSX:MTA) group of companies and manages over $431 million in venture capital assets through the Working Opportunity Fund (EVCC)
Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Canadian Fund
Ltd. and GrowthWorks Commercialization Fund Ltd. GrowthWorks
identifies, analyzes and structures investments in companies with high
growth potential. Particular emphasis is placed on IT, Life Sciences
and Clean Tech sectors. Building on more than 18 years of investment
expertise, GrowthWorks is a leader in Canadian venture capital
*GrowthWorks refers to GrowthWorks Ltd. and other companies within the
venture capital operating division of Matrix Asset Management Inc.
including: GrowthWorks Capital Ltd., manager of the Working Opportunity
Fund (EVCC) Ltd.; GrowthWorks WV Management Ltd., manager of
GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization Fund
Ltd.; and GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic
Venture Fund Ltd.
GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.
Commissions, trailing commissions, management fees and expenses all may
be associated with investment fund purchases. Please read GrowthWorks
Atlantic Venture Fund's prospectus before investing. Investment funds
are not guaranteed, their values change frequently and past performance
may not be repeated. On December 16, 2005, the fund completed a merger
by purchasing the assets of Workers Investment Fund Inc. in exchange
for Class A shares distributed to former shareholders of that fund.
About adfinitum Networks
Based in St. John's, Canada, adfinitum Networks and its GlobalAdSource
are the world's largest sources of advertising intelligence. Used by
global advertising agencies and global advertisers, the adfinitum
database is a unique source of competitive intelligence, advertising
research and creative inspiration. adfinitum has partnered with several
industry leaders for innovative distribution of advertising content and
has localized the GlobalAdSource platform for the English, Chinese,
South American, Spanish, South African and Japanese markets. adfinitum
Networks' database now contains over 12 million advertisements from
over 50 countries and includes high-resolution television, radio,
print, outdoor, and internet creative from key global markets.
For further information:
Manager, Marketing & Communications
Research & Development Corporation
Director of Communications
Department of Innovation, Business and Rural Development
President and CEO
GrowthWorks Atlantic Venture Fund Ltd.
adfinitum Networks Inc.