GrowthWorks Commercialization Fund Ltd.

GrowthWorks Commercialization Fund Ltd.

March 07, 2008 13:23 ET

GrowthWorks Commercialization Fund Invests in Ontogenix

TORONTO, ONTARIO--(Marketwire - March 7, 2008) - GrowthWorks Commercialization Fund announced today that it recently completed an investment in Toronto-based Ontogenix Inc., which is aiming to become a leading, trusted social media advertising company. Strategic investor, Pareto Corporation, also participated in the funding round. Proceeds will be used to further the company's technology and expand sales and marketing initiatives.

Ontogenix has developed ad serving technology that targets users based on their individual interests. The company's technology searches for information on the general public's interests, attitudes and opinions on hundreds of publicly available sources such as social networks, blogs and forums. This is done with strict adherence to privacy policies - information is collected in aggregate and not in an individually identifiable manner. This information can then be used to provide direction on which ads will have high relevance to individual users. The technology has the potential of increasing click-through rates by up to 400%.

"The Ontogenix team has developed a unique and compelling technology that has the potential to change the way advertisers target and reach consumers on the Internet," said Tim Lee, Senior Vice President, Investments GrowthWorks. "Our investment in Ontogenix is also representative of GrowthWorks' commitment to supporting early-stage technology companies in Ontario."

"The online advertising industry is being disrupted by the proliferation of user-generated content and current advertising networks and targeting technologies are not well suited for social media," said Chetan Mathur, Chairman of Ontogenix. "Our online advertising solution was built from the ground up with social media in mind and is designed to gain the trust of users, advertisers and publishers. The GrowthWorks team has been instrumental in shaping our vision and we are excited to be partnering with them because of their extensive experience in helping to build world-class technology companies."

In conjunction with the investment, seasoned technology entrepreneur Chetan Mathur, advertising industry veteran Marc Ruxin and Roger Chabra, Investment Manager at GrowthWorks have joined Ontogenix's board of directors. Mathur is the Chief Executive Officer of Next Pathway and previously was the founder & CEO of M Systems Group and Sage Information Consultants. Ruxin is the Senior Vice President of Digital Strategy & Innovation for McCann Worldgroup based in San Francisco, and has previously served as a senior executive of a number of online media- and advertising-related companies including, Gyro Group, iVAST and Eveo.

About GrowthWorks (

GrowthWorks™ managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks(i) manages over $900 million in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd., GrowthWorks Canadian Fund Ltd. and ENSIS Growth Fund Inc. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Advanced Manufacturing sectors. Building on over 15 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management.

About Ontogenix Inc. (

Ontogenix Inc. is a social media advertising company. The Company was established in 2005 and is headquartered in Toronto. Ontogenix has built a predictive matching software platform with applications in advertising, ecommerce and search. Ontogenix is well positioned to become a leader in providing targeting technology to advertising networks and social media firms. The company is currently commercializing its proprietary online advertising technology and advertising network, both of which are designed for the unique requirements of user generated-content environments such as social networks, blogs and video sharing sites.

About Pareto Corporation (

Pareto Corporation is a marketing services company that offers marketing execution solutions to leading companies in a broad range of industry sectors. Pareto provides measurable, quantifiable services that complement our clients' marketing and sales departments.

(i)GrowthWorks refers to affiliates of GrowthWorks Ltd. and includes: 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.; GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd. and ENSIS Management Inc., manager of ENSIS Growth Fund Inc. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd. ENSIS is a registered trademark of ENSIS Capital Corporation.

Commissions, trailing commissions, management fees and expenses all may be associated with investments in retail venture capital funds (RVCs). RVCs are not guaranteed; their values change frequently and past performance may not be repeated. Please read the prospectus before investing. A merger of ENSIS Growth Fund Inc. into GrowthWorks Canadian Fund Ltd. remains subject to numerous conditions, including board, shareholder and regulatory approvals. There can be no assurance that a merger will be completed. Statements with respect to expected benefits of the merger are subject to a number of factors and known and unknown risks that may cause actual results to differ materially from those expressed or implied by such statements. Most of these factors and risks are beyond the control of the investment funds and their respective managers. Neither the funds nor their respective managers assume any responsibility for updating these statements.

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