Build Ventures today announced a first close of its second fund, Build Ventures II, with a total of $50 million committed capital. In their first fund, Build Ventures invested in 14 companies with high-growth potential in the Software as a Service (SaaS), Artificial Intelligence and Machine Learning, Agtech and Medical Devices spaces, including Affinio, Resson, Celtx, Springloaded, Dash Hudson, Introhive and Manifold.

“There is tremendous potential in Atlantic Canada’s startup community that creates attractive investment opportunities,” said Rob Barbara, Partner with Build Ventures. “Our first fund supported some of the region’s top startups, helping drive innovation. Launching Build Ventures II means we will continue to find and invest in companies with strong growth potential. New Brunswick-based ProcedureFlow is just that calibre of company. That’s why we’re pleased to announce a $2.0 million investment from Build Ventures II, along with a $600,000 investment from the New Brunswick Innovation Foundation and $300,000 investment from Innovatia Inc., in that company.”

ProcedureFlow, a SaaS company, redefines the delivery of training and customer experience learning in the workplace. The software delivers complex processes and learning materials through a highly intuitive flow system – reducing training time, increasing customer experience scores, and ensuring best practices are maintained across its clients’ organizations.

“We’ve seen the impact that ProcedureFlow can have on our clients’ performance,” says Daniella DeGrace, ProcedureFlow’s CEO. “With ProcedureFlow, we’ve helped our clients increase productivity and, importantly, we’ve supported our clients’ growth through visual knowledge transfer, resulting in an enhanced customer experience. This significant investment will help us grow ProcedureFlow and scale up our operations.”

Limited partners in Build Ventures II fund include a number of private sector investors as well as the governments of New Brunswick and Nova Scotia, BDC Capital, and the Government of Canada’s Venture Capital Catalyst Initiative (VCCI).

“Our government is helping small and medium-sized businesses start up, scale up and access new markets. We’re doing this by investing in venture capital, which helps transform good ideas into game-changing innovations and creates good middle-class jobs for Canadians. Canada’s venture capital industry is critical to our economy and is steadily growing. VCCI investments ensure that growth is inclusive by improving gender balance and access to VC financing in under-served regions and sectors across Canada. As a proud investor in Build Ventures II, we are delighted that Build Ventures has reached this important milestone which will help give innovative companies in Atlantic Canada the capital and support they need to scale and grow successfully,” said The Honourable Mary Ng, Minister of Small Business and Export Promotion

Malcolm Fraser, President and CEO of Nova Scotia’s Innovacorp, an early-stage venture capital firm, credits Build Ventures with helping grow that province’s startup community. “Build Ventures played a key role in expanding the startup ecosystem in Nova Scotia with their support of entrepreneurs and investments in companies like Dash Hudson, Affinio, Spring Loaded Technology, The Money Finder and Manifold. Innovacorp is pleased to invest in Build Ventures II to keep that momentum going." 

In their first fund, Build Ventures invested in a number of high-growth potential companies in the SaaS, Artificial Intelligence and Machine Learning, Agtech and Medical Devices space. The goal is to see Build Ventures II grow beyond the $50.5 million investment announced today. The Build Ventures I fund totalled $65 million after a $48.5 million first close.

“Our partners see the potential here and have committed an additional $8.5 million, contingent on us raising another $5 million from private partners “said Patrick Keefe, Managing Partner with Build Ventures. “That means more money for the exceptional companies performing at a high level in our region. With Build II, we look forward to helping more companies in the region explore and perfect the science of scaling up, allowing them to expand into new markets.”

About Build Ventures

Build Ventures backs entrepreneurs with vision and tenacity who are building transformational businesses. Based in Atlantic Canada, Build Ventures manages two funds worth over $115 million. Build Ventures provides early stage capital to companies primarily in the information technology, clean technology and life sciences sectors. Its experienced team offers portfolio companies expertise in product development, financing, business development, market intelligence, brand building and HR strategy. Find out more at buildventures.ca.

For more information, please contact:

Build Ventures
Kay Gillis
506.214.5599
kay@bonfirestories.ca

Halifax, Nova Scotia, September 4, 2019