The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

More New Canadian Tech VC Funding

BDC LogoThe Business Development Bank of Canada (BDC) is putting $75 million, allocated in the Federal 2008 budget, into the new Tandem Expansion Fund. The Fund expects a first close of $300 million this summer, and will invest in “Canadian technology growth companies.” At the helm are Charles Sirois and Brent Belzberg. 

More details about the team and the fund

Take it away, press release:

Mr. Sirois, who was recently appointed Chairman of CIBC, founded Telesystem in 1984, which has since invested more than $1 billion in venture opportunities of all stages through its various funds. Mr. Belzberg is the Founder and Senior Managing Partner of TorQuest, one of Canada’s leading private equity firms with more than $700 million in private equity capital under management.

Tandem’s day-to-day operations will be managed by a team led by four managing partners, each of whom has significant experience identifying, financing, building and maximizing the value of growth companies across a range of industries:

  • David Bookbinder is a senior business executive with more than 25 years experience as an investor, operating executive and as a co-founder of Marsulex Inc., Chemtrade Logistics and SPI Polyols;
  • André Gauthier was previously Managing Partner of Echo Capital, a venture capital firm, and served as Executive Vice President and CFO of Telesystem International Wireless until it was sold to Vodafone in 2005;
  • Christopher Legg was a Partner at Argo Global Capital, a venture capital firm based in Boston, and was previously an investment banker in the technology group at Credit Suisse;
  • Alex Moorhead was Chief Executive Officer and a co-founder of Loyalty Management Group, a London, England based company created in 2001, which was acquired by Groupe Aeroplan for $755 million in December 2007.

All four managing partners are Canadian and will be bringing significant international expertise back to Canada. Tandem will be based in Toronto and Montreal, and expects to open an office in Western Canada in due course.

The investment strategy?

Tandem Expansion Fund will invest in Canadian companies that have demonstrated technology development and commercial successes; have previously raised capital; have experienced management teams willing to work closely with Tandem; and have significant global growth opportunities.

Looks like a tech-focused group, although David Bookbinder’s chemistry experience may expand the subject matter focus somewhat.  In any event, more VC money in Canada is welcome and needed, as is returning talent.

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One response to “More New Canadian Tech VC Funding

  1. Pingback: New Funding for BDC Says Venture Capital in Canada “Tastes Great!”; Kedorsky Says “Less Filling!” « The Cross-Border Biotech Blog

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