SOURCE: Yaletown Venture Partners
October 28, 2008 06:00 ET
Yaletown Venture Partners Launches $100 Million Second Fund With $65 Million Initial Closing
Vancouver-Based Yaletown Will Continue Investing in Early-Stage Clean-Tech & IT Companies in Western Canada and the Pacific Northwest
VANCOUVER, BC--(Marketwire - October 28, 2008) - Early-stage venture capital firm Yaletown
Venture Partners, an established Vancouver-based team investing in clean
energy technology and information technology companies in Western Canada
and the Pacific Northwest, today announced a $65 million initial closing on
Yaletown Ventures II Limited Partnership.
This new fund will continue Yaletown's focus on leading the most promising
clean-tech and IT investment opportunities in Western Canada and pursuing
select clean-tech investments in the U.S. Pacific Northwest and the rest of
Yaletown announced the fund closing today in conjunction with the opening
of the North American Venture Capital Summit in Quebec City, which
attracts hundreds of venture capital fund managers and limited partners
from Canada, the United States and other countries to build cross-border
venture capital investment relationships.
The new Yaletown fund follows up on the firm's debut $42 million fund, also
raised in challenging market conditions in 2003.
Yaletown has built an attractive venture capital investment portfolio.
Yaletown's investments are well-syndicated with a growing list of strong
co-investors that have forged relationships with the firm -- many of which
have been attracted to Yaletown-originated opportunities from the United
States and other markets around the world. Representative Yaletown
portfolio companies include clean-tech companies such as NxtGen Emission
Controls, 6N Silicon, Microstaq, and Redlen Technologies, and IT companies
such as Zeugma Systems, GenoLogics, and Mixpo.
As with its previous fund, the capital for Yaletown's second fund comes
from institutional and private investors in Canada and the U.S., including
major pension funds, fund of funds, financial institutions, and
professionally managed family offices. The Yaletown investment team and
its extensive network of technology entrepreneurs and executives are also
significant investors in Yaletown funds.
"The support that Yaletown has earned for its first two funds in extremely
challenging market conditions, from institutional and technology industry
insiders alike, is a strong endorsement of this team and its investment
strategy," said Haig Farris, retired co-founder of Ventures West and one
of Canada's most respected angel investors. "This is the team that
investors, entrepreneurs, and quality venture funds choose to partner with
to gain access to the best investment opportunities emerging in this part
of the world."
"Yaletown believes that early-stage venture capital investing is
fundamentally a local business," said Steve Hnatiuk, general partner and
one of Yaletown's four founders. "Clean-tech and IT investment
opportunities in Western Canada and the Pacific Northwest continue to grow
and we are expanding our partnership's resources to take advantage of the
very best opportunities.
"This new fund puts us in an excellent position to support the right
entrepreneurs and partner with other quality venture capital firms
targeting investment opportunities in our market."
Yaletown Ventures II is a $100 million fund and will remain open to new
investors for up to 12 months, Hnatiuk said.
About Yaletown Venture Partners
Yaletown Venture Partners is headquartered in Vancouver, Canada and is
backed by leading institutional investors in Canada and the United States,
and by a network of successful technology entrepreneurs, executives, and
angel investors. Yaletown leverages an extensive on-the-ground network to
seek out the most promising early-stage clean-tech and information
technology deals in Western Canada and select clean-tech investments in the
US Pacific Northwest and the rest of Canada. Founded in 2002, Yaletown is
led by a team of four founding General Partners that bring together an
extensive network of industry relationships and more than 80 years
collective experience building and financing emerging technology companies.
For information, please see www.yaletown.com.