GrowthWorks Atlantic Venture Fund and the Research & Development Corporation (RDC), a Crown corporation of the Government of Newfoundland and Labrador, has announced a combined $542,000 investment in the development of a new and innovative marketing analytics tool from adfinitum Networks Inc.
Of the total investment, $350,000 is an equity investment from the GrowthWorks Atlantic Venture Fund and $192,000 is a research and development (R&D) project investment from RDC. Today’s support brings the Provincial Government’s total investment in adfinitum Networks to $522,000.
“Access to capital is critical for small businesses as they undertake product development, marketing activities, and ultimately expand their operations,” said the Honourable Keith Hutchings, Minister of Innovation, Business and Rural Development and Minister Responsible for RDC. “To assist small businesses like adfinitum Networks, it is important to bridge that gap and assist businesses address their immediate needs and position them for success over the long-term. The involvement of GrowthWorks in this endeavour is even more exciting as venture capital-backed companies have greater opportunities for business success.”
GrowthWorks Atlantic Venture Fund is a leader in Canadian venture capital management. Its managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors.
“The fund has invested $350,000 in adfinitum Networks, making it the third portfolio company we have within Newfoundland and Labrador,” said Thomas J. Hayes, President and CEO of GrowthWorks Atlantic Venture Fund. “We are delighted to be working with experienced angel investors, the Research & Development Corporation of Newfoundland and Labrador and ACOA to provide knowledge based companies with the capital and expertise to commercialize and expand their businesses.”
RDC works with R&D stakeholders including business, academia and government agencies and departments to improve Newfoundland and Labrador’s R&D performance.
“Supporting the R&D needs of entrepreneurial companies such as adfinitum Networks is an important role for RDC,” said Glenn Janes, Chief Executive Officer of RDC. “Given the scope of success that the company has experienced to date, adfinitum Networks is strategically positioning itself for future growth and the next generation of its products.”
RDC’s investment will help with the technical and financial risk that is involved in extending adfinitum Network’s market reach and product offering to create two new services: Analytics and Ad Spend. These new innovative technologies will be developed as a module that sits on top of the company’s existing database of ad creative, which will provide marketers valuable information about competitor advertising such as how often competitors are advertising and where competitors are advertising.
“I am very pleased to be able to partner with GrowthWorks Atlantic and the Government of Newfoundland and Labrador,” said Ed Clarke, CEO of adfinitum Networks. “Not only do they provide capital but they also have the experience and skills to help develop successful companies.”