Atlantic Canada is another step closer to launching a privately managed venture capital fund to support high-potential companies in the region.
Nova Scotia announced today, Oct. 10, that Patrick Keefe will manage the fund that will invest in emerging companies from the clean technology, life sciences, information technology and other high-growth areas.
Mr. Keefe has more than 15 years of investment and entrepreneurial experience. He has spent the last several years with Innovacorp, most recently as vice-president of investment, overseeing early stage venture capital activities. (NOTE: A brief biography of Patrick Keefe follows this release.)
"Patrick Keefe is the right person to take this fund's development to the next level," said Premier Darrell Dexter.
"We want new and innovative companies to have access to the funds they need to take full advantage of the big opportunities on the horizon, like shipbuilding and the Maritime Link. Over the next few months, Mr. Keefe will work to raise more capital and start making investments in the new year."
Investment decisions will be made by the fund manager, and will be based on maximizing the return on investment for the fund's partners.
Nova Scotia and New Brunswick have each committed $15 million to the fund, Prince Edward Island has added $2.5 million, and private company Technology Venture Corporation will contribute $5 million.
"This is such a remarkable time for Atlantic Canada," said Mr. Keefe. "The start-up scene is vibrant and the technology community is flourishing. The region has had some recent home runs with Q1 Labs, GoInstant and Radian6, and investors from all over are taking notice.
"The regional fund will build on the momentum we have, and help a host of new companies grow and succeed. I'm pleased, and excited, to take on the role of fund manager."
Innovacorp, Nova Scotia's venture capital and technology commercialization corporation, has been working on behalf of the provinces to set up the fund and secure additional investors.
Mr. Keefe will continue to work with the provinces, private-sector partners, institutional investors and the federal government to ensure the companies with the most potential can compete.
For more information, contact:
Nova Scotia Premier's Office
The following is a biography of Patrick Keefe:
Joining Innovacorp in 2009 as investment manager, Patrick Keefe arrived with over 15 years of highly relevant investment and entrepreneurial experience.
From 2004 to 2008, he independently built a successful Starbucks Coffee business in Atlantic Canada, securing an exclusive license to operate. He opened 11 locations in five cities before they were acquired by Starbucks Corporation in 2008.
As vice-president of investment at Innovacorp, Mr. Keefe oversaw the organization's seed and early-stage venture capital activities. In this role, he was responsible for sourcing investment opportunities and co-investors, due diligence, as well as deal structure, closing and governance.
He also worked hands-on with Innovacorp's portfolio companies to help them accelerate their growth, achieve milestones and secure additional financing.
Previously, Mr. Keefe held senior positions with Boston-based venture capital firm Atlas Venture and the Boston Consulting Group, which provides strategic advisory services for leading companies around the world.
He holds a Masters in Business Administration from Harvard Business School and a Masters in Philosophy from Oxford University.
Halifax, Nova Scotia, October 10, 2012