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  • GrowthWorks Atlantic Venture Fund Announces 1.75M Dollar Investment

24th January 2012

GrowthWorks Atlantic Venture Fund Announces 1.75M Dollar Investment

GrowthworksGrowthWorks Atlantic Venture Fund is pleased to announce recent investments totaling $1.75 million in three emerging technology companies based in Saint John.

“The fund is delighted to announce it has invested nearly two million dollars in three companies that each have a strong value proposition, a large market opportunity and talented entrepreneurial leaders,” said Thomas J. Hayes, President and CEO of GrowthWorks Atlantic Venture Fund. “We are extremely pleased to be working with experienced local angel and seed investors to provide New Brunswick’s emerging economy companies with the capital to commercialize and expand their businesses.”

Enovex Technology Ltd., a clean technology company developing advanced gas separation materials, received a $1.1 million investment. Spinzo Corporation secured $400,000 from GrowthWorks Atlantic Venture Fund to launch its web-based smart buying platform that uses dynamic pricing to connect merchants and consumers. MedRunner Health Solutions Inc., a leader in developing and deploying electronic prescription solutions to physicians and pharmacies, received a $250,000 investment.

“This funding will be a catalyst for Enovex to scale and trial its oxygen production material,” explained Scott Walton, CEO of Enovex. “The company is attracting additional scientific talent, increasing its production capacity, and expanding its operations internationally.”

“We are pleased to have secured funding from a consortium of local investors in partnership with GrowthWorks Atlantic Venture Fund,” commented Emmanuel Elmajian, CEO of Spinzo. “This funding will enable us to launch our innovative platform, giving small and large merchants a much-needed way to promote their offerings online. With a strong backbone of New Brunswick support, Spinzo is seeking to lead the shift toward social eCommerce.”

“It is very important to MedRunner that we have investors and partners who are aligned with our vision of becoming the ePrescribing leader in Canada,” expressed Todd Murphy, CEO of MedRunner. “We are thrilled to have the GrowthWorks Atlantic Venture Fund as an investor and to have their Regional Investment Manager, Peter Clark, join our board of directors.”

This entry was posted on Tuesday, January 24th, 2012 at 1:43 pm and is filed under Business News, National News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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