When we launched Build Ventures in 2013, it was with a lot of hope and a little bit of trepidation. No one had run a private early-stage venture capital firm in Atlantic Canada before. Success was hardly guaranteed.
But like many others in the East Coast startup community, we believed in the abilities of the entrepreneurs in this region. With the first Build fund, we invested in 14 companies including Affinio, Introhive, Dash Hudson, Manifold and other great companies led by experienced and ambitious professionals.
A unique ecosystem has emerged here on the East Coast. It is more collaborative and collegial than startup clusters found in other places. People want others to succeed and they will actively support them. Accelerators and startup hubs like Propel ICT, Volta, CDL, Venn and others are incredibly important to the region’s growth. It’s a team sport.
It turns out that investing in East Coast startups is good business. So, we are pleased to announce that we have raised a total of $50.5 million to launch the Build Ventures II fund. Our Limited Partners include a number of private sector investors as well as the governments of New Brunswick, Nova Scotia and Prince Edward Island, BDC Capital, and the Government of Canada’s Venture Capital Catalyst Initiative (VCCI).
We launched the first Build fund with $48.5 million at first close although it eventually grew to $65 million. Our goal is to similarly increase the Build II fund.
Our first investment with the Build II fund is $2 million to Saint John-based ProcedureFlow, with Build Ventures leading its $2.9 million round. ProcedureFlow is led by CEO Daniella DeGrace, a senior player in both Q1 Labs and Radian6, two of the top East Coast startup success stories.
ProcedureFlow is a great example of the kind of companies we are seeking to invest in. An innovative approach to addressing a real problem in a large market that people will pay money to solve.
We know there are many other great investment opportunities out there throughout Atlantic Canada. So, if you are based in Atlantic Canada and have some strong early traction in your market but need capital to grow your company, reach out to us. We’re here to invest.