BC Tech Fund, which is managed by Kensington Capital Partners, has made an investment in Vancouver's Vanedge Capital II.
The commitment to Vanedge II is the first investment by the BC Tech Fund into a BC-based venture capital fund.
Vanedge II is continuing the investment strategy pursued by Vanedge in its first fund, focusing on emerging technology companies in Cloud computing and infrastructure, SaaS, cybersecurity and digital media.
"This is the second investment from our CAD100 million BC Tech Fund and part of government's plan to grow BC's tech sector," says Amrik Virk, Minister, Technology, Innovation and Citizens' Services. "Kensington's investment in Vanedge Capital II is the first investment in a tech fund and will in turn, provide investment in multiple BC-based tech companies, catalysing economic growth, investment and jobs for the province."
The BC Tech Fund is allocating capital to support innovative, highly scalable companies for the development of a world-class venture capital ecosystem in British Columbia. The BC Tech Fund invests in venture capital funds and emerging technology companies throughout the province, across ICT, digital media, clean tech, and life sciences/healthcare.
"We are very pleased to become an investor in Vanedge II and continue to strengthen our relationship with the Vanedge team,” says Gerri Sinclair, Kensington managing director. "Vanedge is a pillar of the BC venture capital ecosystem with a market leading track record of investment performance, working with promising BC technology companies to help them scale their businesses."
Vanedge Capital has an established track record as a venture investor, delivering returns to limited partners through exits of companies acquired by tech leaders like Intel, General Electric, Workday and Splunk.
"We are honoured to have the BC Tech Fund as a limited partner, and continue our long-standing relationship with the Kensington team," says Paul Lee, managing partner, Vanedge Capital. "Our partnership with the BC Tech Fund will help us achieve the scale we need to build stronger, more successful companies."
"I spent 10 years as an entrepreneur building a leading technology company here in British Columbia. Regional investors backed me throughout that process, so when I looked to the next chapter of my career I wanted to do the same for other entrepreneurs," says Moe Kermani, managing partner, Vanedge Capital. "Having the BC Tech Fund backing Vanedge will ensure more Canadian companies can compete on the global stage and build world-class technology."
