November 27, 2009
New Fund Managers to Boost B.C. Tech Sector

VANCOUVER - The BC Renaissance Capital Fund (BCRCF) has enlisted entrepreneurial leaders in the world of investment capital as its new fund managers to invest in British Columbia's promising technology businesses, said Small Business, Technology and Economic Development Minister Iain Black today.

"British Columbia's vibrant technology companies need investment to grow, and so we are partnering with some of the strongest, most successful investors operating in Canada to help build anchor technology companies in our province," Black said. "With this commitment, B.C.'s most innovative companies now have access to growth capital and global markets. Our province is building on its lead in access to early stage capital."

BCRCF's four new fund managers are: Tandem Capital, Vanedge Capital, Wesley Clover and Yaletown Venture Partners. They join three current fund managers: ARCH Venture Partners, Kearney Venture Partners and VantagePoint Venture Partners. Together, the seven managers can invest up to $90 million directly from the BCRCF ($55 million with the four new fund managers), plus their own capital resources of over $2 billion in total.

The fund's new managers include global investment leaders. Charles Sirois, general partner at Tandem Capital, is also CIBC chairman and founder of Telesystem and FIDO mobile; Brent Belzberg has a distinguished business and investment background. Vanedge Capital's Paul Lee served as president of Electronic Arts Worldwide Studios and is an original co-chair of the Premier's Technology Council. Wesley Clover is led by entrepreneur Sir Terry Matthews, founder of multi-billion-dollar corporations, including Mitel and NewBridge Networks. Yaletown's Mike Satterfield has over 25 years of entrepreneurial and senior operating experience in the software industry.

"BCRCF's new infusion of investment strength will help build profitable partnerships with B.C.'s technology sector and provide important venture capital support," said Phillip Abrary, president of Ostara Nutrient Recovery Technologies Inc., a Vancouver environmental technology company. "Last year, a BCRCF venture partner led $10.5 million in financing that enabled our company to commercialize a process to recover nutrients from wastewater and make environmentally-friendly fertilizer."

The BCRCF leverages investment capital for B.C.'s information technology, clean energy technology, new media and life sciences companies.

The Province launched the fund with $90 million from the BC Immigrant Investment Fund. BCRCF managers must each raise $80 million in additional investment capital within a year of their selection.

For more information on the BC Renaissance Capital Fund and the seven fund managers, visit: www.bcrcf.ca

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