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 $522,000.
"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 business success."
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 Canadian investors.
"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 products."
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 advertising.
"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 management.
*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.