Manager Hired for Regional Venture Capital Fund
Atlantic Canada is another step closer to launching a privately managed venture capital fund to support high-potential companies in the region. Nova Scotia announced today, Oct. 10, that Patrick Keefe will manage the fund that will invest in emerging companies from the clean technology, life sciences, information technology and other high-growth areas. Mr. Keefe has more than 15 years of investment and entrepreneurial experience. He has spent the last several years with Innovacorp, most recently as vice-president of investment, overseeing early stage venture capital activities. “Patrick Keefe is the right person to take this fund’s development to the next level,” said Premier Darrell Dexter. “We want new and innovative companies to have access to the funds they need to take full advantage of the big opportunities on the horizon, like shipbuilding and the Maritime Link. Over the next few months, Mr. Keefe will work to raise more capital and start making investments in the new year.” Investment decisions will be made by the fund manager, and will be based on maximizing the return on investment for the fund’s partners. Nova Scotia and New Brunswick have each committed $15 million to the fund, Prince Edward Island has added $2.5 million, and private company Technology Venture Corporation will contribute $5 million. “This is such a remarkable time for Atlantic Canada,” said Mr. Keefe. “The start-up scene is vibrant and the technology community is flourishing. The region has had some recent home runs with Q1 Labs, GoInstant and Radian6, and investors from all over are taking notice. “The regional fund will build on the momentum we have, and help a host of new companies grow and succeed. I’m pleased, and excited, to take on the role of fund manager.” Innovacorp, Nova Scotia’s venture capital and technology commercialization corporation, has been working on behalf of the provinces to set up the fund and secure additional investors. Mr. Keefe will continue to work with the provinces, private-sector partners, institutional investors and the federal government to ensure the companies with the most potential can compete.