Our friends at WaveAccounting announced yesterday that they had raised a $1.5MM seed investment from INKEF Captial. We’re big fans of WaveAccounting, in fact, it’s what we use to manage the receipts and books for StartupNorth. It means that others see the huge potential with this application. And we’re happy that our accounting provider continues to grow and demonstrate traction. I like stability ;-)
Wave also announced the addition of 2 new senior managers: Scott Zandbergen (LinkedIn) formerly of Sage Software and Stephen Dixon (LinkedIn, @sdixonhalloween) formerly of Deloitte & Touche. Looks like to great additions to the senior management team.
This is the first investment from Peter Carrescia (LinkedIn, @pcarrescia) who is one of the two new Managing Directors at the INKEF Capital fund which is a ~$200MM fund from OMERS and ABP pension funds. This is really interesting for a variety of reasons. It means that INKEF is now capable of actively deploying funds, they have set up the necessary funding vehicles and mechanisms to be live. This is fantastic news. It also means that John Ruffolo (LinkedIn, @ruffoloj) has hired a team and is actively seeking out Canadian deals. This is great news to for entrepreneurs. John and Peter are well respected and very entrepreneur friendly, this is a plus for entrepreneurs. And simply additional growth capital is a good thing.
Congratulations Kirk, Jame, and the WaveAccounting team.
Photo by ecstaticist
OMERS and ABP announced the launch of INKEF Capital, a € 200 million venture fund that is focused on deploying € 100 million in Canada in 5 years.
“In the first five years, € 100 million is anticipated to be invested in start-ups in each of the territories, the Netherlands and Canada. The initial portfolio will naturally be weighted towards early stage companies which will mature over the fifteen year term. Deal flow will come from various sources, including technology transfer offices of universities, informal investors, regional funds and from spin-offs of new technologies by existing companies.”
This is great. It’s nice to see new capital getting ready to be deployed to Canadian entrepreneurs. What’s interesting is the reason that INKEF believes it is differentiated than other capital:
“INKEF Capital distinguishes itself from other investors by its long term investment horizon and active mentoring of the start-ups.”
Makes me wonder what the other firms have been doing? Passive mentoring? It will be interesting to gather more details as content becomes available (Currently http://inkefcapital.com/ is not active and the WHOIS record returns a registrar and intellectual property firm in the Netherlands). This looks it is a direct investment vehicle for OMERS & ABP, “programs for direct investment as a promising new strategic option”. I can’t wait to hear Mark McQueen’s take on this, but given we’re in Day 9 of his hunger strike I suspect that you’re stuck with my limited insight.