Canadian affiliate fund represents extension of Garage strategy to the North
Palo Alto, California, April 12, 2006 – Garage Technology Ventures, a seed-stage and early-stage venture fund based in Palo Alto, today announced the launch of Garage Technology Ventures Canada, LP, a $50 million ($Canadian) fund that will support emerging technology startups in Canada and leverage the Garage links to Silicon Valley and the broader U.S. technology community. Garage Canada represents the first affiliate fund for Garage Technology Ventures.
“The Garage Canada Fund enables us to tap a very strong wellspring of innovation and talent in Canada, and span the North American continent,” said Bill Reichert, managing director of Garage Technology Ventures.
The new Canadian fund is headquartered in Montreal and is led by Louis P. Desmarais and Tom Sweeney, who together bring extensive operating and investing experience and extended international networks to the fund. Garage Canada is an independent fund with top-tier Canadian institutional investors that include the Solidarity Fund QFL, the Caisse de dépôt et placement du Québec and FIER Partners, LP, as well as the General Partners of the Fund
“We see an opportunity to expand the art of early-stage investing in Canada,” said Tom Sweeney, managing director of Garage Canada. “Through our network of relationships in Canada, the U.S. and internationally, we will find, fund, and grow great technology companies that leverage Canadian resources to attain global prominence.”
The Garage Canada fund had an initial close of C$50 million in March 2006. The fund is looking to invest in early stage companies in information sciences, telecommunications, material sciences, energy technology and healthcare, as well as companies in newly emerging sectors. In particular, the fund is seeking capital-efficient companies with strong intellectual property and disruptive or market-shaping potential in global markets.
About Garage Technology Ventures
Garage Technology Ventures is a seed-stage and early-stage venture capital fund headquartered in Palo Alto, California, with investors that include Thomas Weisel Partners and CalPERS, the California Public Employees Retirement System. Garage is focused on information technology and materials science startups in the Western U.S. For more information about Garage, visit www.garage.com.
About Garage Technology Ventures Canada
Garage Technology Ventures Canada is a Montreal-based seed-stage and early-stage venture capital fund focused on investing in Canadian technology startups with strong intellectual property and disruptive or market-shaping potential in global markets. Garage Canada is the exclusive Canadian affiliate of Garage Technology Ventures (Palo Alto, CA). For more information about Garage Canada, visit www.garagecanada.com.