Top ranking of NBIF Venture Capital Fund shows New Brunswick's a hotbed for innovation

FREDERICTON, Feb. 5, 2015 /CNW/ - After a record year of investing in startups, the New Brunswick Innovation Foundation (NBIF) was ranked the third most active venture capital fund in its category by the Canadian Venture Capital & Private Equity Association (CVCA) in their 2014 report on investment in Canada.

"One of the major challenges of venture capital investing is having enough viable startups to invest in, or what we call 'deal flow'," says NBIF chair Robert Hatheway, "with 18 investments last year, placing third most active in the country is great for NBIF and the province, because it sends a message to the rest of the country that New Brunswick is a hotbed for innovation and entrepreneurship." 

Since inception in 2003, NBIF has invested over $15 million, leveraging another $107 million from other investors to help create over fifty companies, 35 of which remain in its active portfolio. With 75% of its portfolio's revenues coming from exports, its company exits and investments in applied research activity, NBIF's work has helped create more than a billion dollars of value for the New Brunswick economy. NBIF's largest exit to date was its sale of social media monitoring pioneer Radian6 to Salesforce.com generating a a return of $9.25 million, 28 times its original investment.

"This is great news for NBIF as we come to the end our fifth biennial Breakthru Startup Competition, the largest competition of its kind in Canada," says Hatheway, "Over $750,000 in investments and professional services from our corporate partners will be awarded to three new never-before-seen companies in New Brunswick." Receiving applications from 62 teams across the province, five finalists will be put to the test at the foundation's Breakthru LIVE 2015 event on March 19, 2015 in Fredericton.

Explore more about NBIF, its companies and researchers in its 2013-2014 Annual Report (e-magazine version). Click here to keep up-to-date on NBIF's investment activities and events.

About NBIF http://www.nbif.ca 

The New Brunswick Innovation Foundation is an independent, not-for-profit organization that invests in new startup companies, research and development within existing businesses, and applied research at the province's colleges, universities and research institutes. The returns NBIF makes on its investments go back into the foundation to be re-invested in other new startups and research projects. With $120 million under management, NBIF has invested over $50 million to date, leveraging over $365 million more from other sources.

SOURCE New Brunswick Innovation Foundation

For further information: Chet Wesley, Director, Marketing & Communications, NBIF, 877-554-6668, [e-mail]