InNetwork Secures $490,000 in Venture Capital

Reaching more customers through social media will soon get a lot easier thanks to a new Nova Scotia company and product.

InNetwork has attracted $490,000 in venture capital, including $250,000 from the province through Innovacorp, and $240,000 from a group led by Gerry Pond at East Valley Ventures Inc. The investment will help InNetwork bring its product to market.

"By investing in startups like InNetwork, Nova Scotia is creating a foundation to help other companies compete and lead - nationally and internationally," said Economic and Rural Development and Tourism Minister Percy Paris.

"This investment supports the innovation and competitiveness priorities of jobsHere, our plan to grow the economy."

InNetwork allows communications professionals to share their message with people through a network of influencers in social networks. Influencers are people with large numbers of followers on Twitter, Facebook, blogs, and other social media.

"The success of any communications or marketing campaign through social media depends first and foremost on valuable and insightful content," said Chris Keevill, chief executive officer of InNetwork.

"InNetwork offers marketers and communicators a broad and deep group of social media contributors who can spark conversations and expand awareness about products, services or ideas. Whatever the focus of the campaign, InNetwork can help connect brands with customers through social media."

Innovacorp, Nova Scotia's early stage venture capital organization, decided to step up and invest because of its mandate to partner with Nova Scotia entrepreneurs to turn ideas into something extraordinary.

"We're excited to support InNetwork as it builds its technology and grows a community of leading influencers," said Thomas Rankin, director of investment at Innovacorp and named to the new board at InNetwork.

"The InNetwork team is highly experienced, has deep knowledge of social media marketing, and has a proven ability to create large, successful technology companies."

Based in Halifax with offices in Toronto, InNetwork was established this year by Chris Keevill, chief executive officer of Colour, a communications and marketing agency with offices in Atlantic Canada and Toronto, Duri Alajrami, president of Colour Social and former social media practice lead for Ogilvy Canada, and Craig Rennick, former executive with startups FloNetwork and Fortiva, who will serve as InNetwork's chief operating officer.

"InNetwork is the latest in a growing line of social media startups that we like," said Gerry Pond of East Valley Ventures, who will serve as chair of InNetwork’s board of directors. "This is a hot space that is getting a lot of attention."

More information about InNetwork is available at www.innetwork.net.

For more information, contact:

Stephanie Shaw
Innovacorp
T 902.424.8670 ext.1197
M 902.220.3686
sshaw@innovacorp.ca

Chris Keevill
InNetwork
M 902.478.4902
chris@innetwork.net

Halifax, Nova Scotia, November 1, 2012