Monday, January 30, 2006
Tech Capital Partners Completes Second Close of Tech Capital II L.P.
Additional $10 million increases fund size to $60 million
WATERLOO, CANADA, January 30, 2006 – Tech Capital Partners, a venture capital firm investing in early-stage companies, today announced the final closing of its second venture capital fund, Tech Capital II L.P. with $60 million of committed capital. Export Development Canada (EDC) and other undisclosed investors have joined previously announced investors in the fund: BDC Venture Capital, EdgeStone Capital Partners, and OMERS Capital Partners.
"EDC invests in venture capital to facilitate the business expansion and export growth of Canadian companies and Tech Capital has proven its ability to build compelling early-stage technology companies," said Jennifer Dean Brooy, Director and Team Leader, Equity Team., EDC. Tech Capital II completed an initial close of $50 million in July 2005 and has invested in two companies to date: Software Innovation Inc. and LiveHive Systems Inc.
Tech Capital has been focused on developing early-stage technology companies since its inception and Tech Capital II brings the firm's total capital under management to $95 million. The fund has a broad industry focus and fund management is considering investment opportunities from a number of the industry sectors that comprise the high-tech cluster in Waterloo Region.
"Tech Capital is thrilled that EDC has decided to invest in our latest fund," said Andrew Abouchar, Partner, Tech Capital Partners Inc. "In addition to capital, EDC brings international expertise that our portfolio companies can draw on when entering new markets. This new fund gives us the bench strength to build some powerful, innovative new companies."
About Tech Capital Partners Inc.
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