The largest pool of capital available for digital media investment in Canada
VANCOUVER, BRITISH COLUMBIA, May 27, 2010 – Vanedge Capital is pleased to announce the initial close of Vanedge Capital I L.P. (the “Fund”), with over $100 million in committed capital from a strong line-up of limited partners that includes Teralys Capital, BC Renaissance Capital Fund, BDC Venture Capital, Nicola Wealth Management Ltd., as well as additional institutional investors and a select group of individual investors.
Vanedge Capital is a sector specific fund that will focus on interactive digital media, particularly companies that can build long-term value by creating compelling interactive consumer digital experiences. VanEdge plans to invest throughout North America, with a primary focus within Canada.
Iain Black, British Columbia Minister of Small Business, Technology and Economic Development, congratulated the Vancouver-based partnership on surpassing the $100-million mark, including funding from the B.C. Renaissance Capital Fund. “B.C. is a hub for interactive digital media, with nearly half of Canada’s 300 companies operating here,” Black said. “I commend Vanedge for providing this vibrant industry – here and in the rest of Canada – with access to the resources it needs to make an even bigger mark worldwide.”
“The worldwide market for digital information and services is huge and is growing at a rapid clip,” said Paul Lee, Managing General Partner, Vanedge Capital. “It is a time of great opportunities for young, nimble companies that can attract and retain customers by providing them with great interactive experiences”.
The Fund will be managed by a team with decades of world-class operating experience:
- Paul Lee (Managing General Partner) is an active and successful investor in several digital companies such as ALI Technologies, Blast Radius, Bycast, and others. He was also a key long-time executive at videogame giant Electronic Arts (most recently President of EA Worldwide Studios).
- Glenn Entis (General Partner) is an Academy Award winning computer graphics pioneer who co-founded computer animation studio Pacific Data Images (now the northern studio for DreamWorks Animation). He was also CEO of DreamWorks Interactive and SVP/Chief Visual and Technical Officer for EA Worldwide Studios.
- Divesh Sisodraker, Vanedge’s CFO, held key management positions at ALI Technologies (CFO) and Pivotal (CFO, then CEO). As CFO at Taleo, he oversaw their successful IPO in 2005.
- Jason Chein was General Manager for China with EA, where he built the company’s successful Shanghai studio from scratch.
“Vanedge will be a great partner to successfully identify and grow emerging technology companies,” points out Eric Legault, Managing Partner of Teralys Capital. “It is run by successful operators with profound industry know-how and solid international relationships. The Fund will capitalize on the deep ecosystem in interactive digital media that has developed primarily in Quebec and British Columbia, supporting Canada’s ability to produce world class developers of digital media and gaming products.”
“Canada is already known as one of the world’s digital media centers,” said Frank Pho, Vice-President, Fund Investments at BDC Venture Capital. “A venture capital firm under the management of former Electronic Arts executives will strengthen our country’s international leadership in digital media. This partnership is aligned with BDC’s strategy to accelerate the commercialization and advancement of innovation in Canada.”
David Sung, President of Vancouver-based Nicola Wealth Management (NWM) notes Vanedge’s positive long-term investment potential. “Vanedge’s leadership team and focus on the interactive arena offer the type of solid foundation our firm seeks in a good alternative investment. NWM believes in extensive diversification for our client portfolios, and we believe this fund is an excellent complement to our clients’ long-term strategies.”
About Vanedge Capital
Vanedge Capital is a new Vancouver BC based venture capital fund focused on investments in interactive entertainment and digital media businesses. The fund managers have extensive experience and relationships in this sector, and have built and led world class companies in video games, computer animation, and enterprise software, among others. For more information, visit www.vanedgecapital.com, or contact firstname.lastname@example.org.
About Teralys Capital
Teralys Capital is a technology-focused fund of funds financing private venture capital funds that invest in information technology, life sciences and cleantech companies. The fund has over $700 million in capital commitments from Caisse de dépôt et placement du Québec, the Solidarity Fund QFL and Investissement Québec. Teralys Capital is also managing two existing portfolios of venture capital funds with additional assets under management of over $600 million. It is currently the largest fund of funds in Canada.
About B.C. Renaissance Capital Fund
The B.C. Renaissance Capital Fund Ltd. (the “BCRCF”) is a Crown corporation that is wholly owned by the BC Immigrant Investment Fund (BCIIF). The purpose of the BCRCF is to attract successful venture capital managers and their capital to British Columbia in order to develop promising, innovative technology companies in the Province. The BCRCF was created for the purposes of pursuing investment in four key technology sectors: new media, information technology, life sciences and clean technology. To date, the BCRCF has committed capital to seven venture fund managers based in the United States and Canada that have approximately $2B in capital under management for investment. Visit www.bcrcf.ca for more information.
About BDC Venture Capital
BDC Venture Capital has been involved in venture capital since 1975 and is a major venture capital investor in Canada. Active at every stage of the company’s development cycle, from seed through expansion, BDC Venture Capital focuses on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. To date, it has invested in more than 400 companies with investments totalling over $1.2 billion in the life sciences, telecommunications, information and advanced technology sectors, as well as commitments of $253 million in 19 funds. Visit www.bdc.ca for more information.
About Nicola Wealth Management (NWM)
Nicola Wealth Management (NWM) is a boutique financial planning and wealth management firm serving the needs of High Net Worth individuals and their families. Managing over $1-billion in assets, with clients across Canada and its head office in the Lower Mainland (Vancouver), Nicola Wealth Management offers executives, business owners and incorporated individuals a comprehensive approach that emphasizes efficient tax structuring and that is grounded in a holistic and integrated financial planning process.