Business, Tourism, Culture and Rural Development
January 26, 2016
Driving Innovation and Diversification
Three Companies Receive Investment through Venture Newfoundland and Labrador
Three Newfoundland and Labrador companies will receive a total investment of $750,000 from Venture Newfoundland and Labrador, a venture capital fund established by the Government of Newfoundland and Labrador and managed by Pelorus Venture Capital Ltd. The fund is designed to provide greater access to capital for innovative entrepreneurs with high-growth potential start-ups.
"Growing an entrepreneurial culture and fostering innovation through venture capital investment presents tremendous opportunity for our province. These three companies are great examples of how we can use innovative ideas to diversify our economy into new areas of business. This seed money will allow them to continue to grow their operations in our province. I believe there is an even brighter future ahead for these three innovative companies."
- The Honourable Christopher Mitchelmore, Minister of Business, Tourism, Culture and Rural Development
On behalf of Venture Newfoundland and Labrador, Pelorus Venture Capital Ltd. is investing $250,000 in each of three Newfoundland and Labrador companies: Clockwork Fox, HeyOrca and Sentinel Alert.
"Today's announcement of investment in three diverse companies in Newfoundland and Labrador is yet another step forward for the innovation economy we are proud to support and help grow. Each of these talented entrepreneurial teams is playing a role in changing and shaping the economic future of Newfoundland and Labrador. We are proud to invest. Our fund is always looking to work with new investors as we grow and ultimately invest in many new ventures."
- Tom Hayes, Managing Director, Pelorus Venture Capital Ltd.
Clockwork Fox Studios develops educational games and technologies. Its marquee product is Zorbit's Math Adventure, a game-based learning system for early math. Zorbit's Math Adventure combines stories and games with the best math pedagogy to improve K-3 learning outcomes.
"We have a highly skilled staff who produce market-leading gamed-based learning products for education. This investment will allow us to produce additional products for schools, and accelerate access to export markets, particularly the US."
- Ed J. Martin President, Clockwork Fox
HeyOrca enables marketing agencies and their clients to seamlessly collaborate on social media content by providing a client facing interface and streamlining the approval process.
"This investment is important for us because we will be able to grow our team and amplify the business model we created and grew in 2015. Today's news means accelerated growth for HeyOrca with the potential of new job creation and expanded entry into new markets. We are negotiating deals in the US and other parts of Canada; this funding ensures we will also be closer to our customers and better understand their needs."
- Joe Teo, Co-founder, HeyOrca
Sentinel Alert is a safety software company designed to help industrial companies reduce worker accidents and send their teams home safe every day. Sentinel Alert was the first Newfoundland and Labrador company to take part in Propel ICT's Launch 36 accelerator in fall 2014.
"One of the key things this investment allows us to do is hire the talent we need to grow Sentinel Alert and compete globally. We're creating new jobs that require talented technical people in a fast moving and innovative market. We are proud to be helping to build the foundation for a new industry, one of innovation that is not geographically or commodity based. This investment helps create a demand for a new type of work and a new type of investment."
- Sarah Murphy, Co-founder and CEO, Sentinel Alert
The Provincial Government is committed to growing a culture of entrepreneurship and innovation that presents economic potential for Newfoundland and Labrador. The Venture Newfoundland and Labrador Fund is a venture capital fund solely for local business that will provide funding to support new start-ups and companies in the very early stages of their development. Along with a $10 million Provincial Government investment, the fund is supported by $2 million from BDC Capital and additional funding from private investors.
QUICK FACTS
- Three Newfoundland and Labrador companies will receive a total investment of $750,000 from Venture Newfoundland and Labrador, a venture capital fund established by the Government of Newfoundland and Labrador and managed by Pelorus Venture Capital Ltd.
- On behalf of Venture Newfoundland and Labrador, Pelorus Venture Capital Ltd. is investing $250,000 in each of three Newfoundland and Labrador companies: Clockwork Fox, HeyOrca and Sentinel Alert.
- 30 -
Media contacts:
|
Tansy Mundon
Director of Communications Department of Business, Tourism, Culture and Rural Development 709-729-4570, 693-1865 tansymundon@gov.nl.ca |
Tom Hayes
Managing Director Pelorus Venture Capital Ltd 709-701-0121, 902-441-3827 tom@pelorusventure.com |
2016 01 26 2:05 p.m.