GrowthWorks Atlantic Venture Fund

GrowthWorks Atlantic Venture Fund

January 18, 2011 12:00 ET

GrowthWorks Atlantic Venture Fund Announces Investment in ClearRisk Inc.

ST. JOHN'S, NEWFOUNDLAND and LABRADOR--(Marketwire - Jan. 18, 2011) - GrowthWorks Atlantic Venture Fund is pleased to announce its $1 million investment in ClearRisk Inc., a Newfoundland and Labrador based company which provides affordable web based risk management solutions for the insurance industry and small to medium size enterprises. This is GrowthWorks Atlantic Venture Fund's second investment in the province of Newfoundland and Labrador.

"We are extremely pleased to be investing $1,000,000 in ClearRisk Inc., a company we believe has significant growth potential with a unique product offering and strong management team," said Thomas J. Hayes, President and CEO of GrowthWorks Atlantic Venture Fund. "ClearRisk is an important addition to our investment portfolio of companies and confirms our confidence in the opportunities provided to our Fund by the strong economy of Newfoundland and Labrador."

ClearRisk will use proceeds from the financing to significantly ramp up their sales initiatives. The company has already developed a very loyal client base with their limited resources and this funding will help them build on that by reaching a much greater segment of their target market.

"ClearRisk is delighted to be partnering with GrowthWorks," expressed Craig Rowe, President and CEO of ClearRisk. "This investment as well as the experience and reach of our new partners will help accelerate ClearRisk's growth. We have an established product that is embraced by the market, and an excellent team, but current demand is starting to outpace our capacity. With this capital we will be well-positioned to pursue significant growth!"

The Provincial Government has long-recognized the growth potential of ClearRisk. In 2009, it provided the company with $420,000 and over the years has supported the company on trade missions to the United States.

"ClearRisk is an exciting young company that has steadily expanded from a start-up to an enterprise that is making in-roads into such markets as New England, Chicago, and the Southeastern United States," said the Honourable Susan Sullivan, Minister of Innovation, Trade, and Rural Development. "With this important injection of venture capital funding, ClearRisk is increasing its ability to take the next step and build on the progress that it has made in a few short years."

About GrowthWorks* (www.growthworks.ca)

GrowthWorks(TM) managed funds provide 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 $530 million in venture capital assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd. and GrowthWorks Canadian Fund Ltd. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Cleantech 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 the Fund's prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Contact Information

  • GrowthWorks Atlantic Venture Fund Ltd.
    Tom Hayes
    President and CEO
    902.441.3827
    www.growthworks.ca
    or
    ClearRisk Inc.
    Craig Rowe
    President and CEO
    709.690.8018