Edgestone VC team wins big backing from OVCF
Coming off last week’s announcement about Georgian Partners (see prior post “OVCF dips toe in Ontario waters with ‘commitment’ to Georgian Partners” March 25-09), more good news may be in the wind for a second local venture capital team. If the rumours are true, the Ontario Venture Capital Fund has committed $20 million to Edgestone Venture Partners. This is great news for all involved, and a sign that the OVCF is truly up-and-running. And $20MM is the size of commitment that people were hoping for. It couldn’t come too soon for many in the industry as the recent fundraising stats show.
Hats off to Bryan, Derek, Laura, et al on the fantastic news.
MRM
And hats off to Ian Carew who is running the fund at TD. I’ve known Ian since he was the second guy at Ontario Teachers’ to join their venture capital team.
Wonder if this will be one of those “conditional” commitments like the Georgian announcement. That is the OVCF commitment is conditional on Edgestone raising more money (i.e. a target of $100m total ). If so, this is useless. Where are Edgestone going to raise other money when LPs aren’t putting money into Canadian VCs?