With all the VC activity in the U.S. - most of it being thrown at cool Web 2.0 with, at best, uncertain business model - it is encouraging to see a Canadian high-tech company receive some love. Third Brigade Inc., which develops software to protect businesses from computer attacks and viruses, has raised $11.5-million from BCE Capital, Celtic House and BDC Venture Capital. This follows a $5-million round earlier this year. This deal is the latest in a string of financings made by BCE Capital, the investment arm of BCE Inc. Some of BCE Capital's deals are strategic to the corporate mothership but the VC has a mandate to pretty much invest where it wants in Canada and the U.S. That said, I wonder if they're still feeling the sting of passing on Skype in late-2003 because they couldn't see a business model? Lesson to be learned: the next time Niklas Zennstrom comes asking for some financing, get the check book out as quick before he changes his mind.
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Mark Evansthe blog - examines the world of telecom and technology from a distinctly Canadian perspective.the person - lives in Toronto, CA with his wife and three children, and works as director of community with PlanetEye Inc. 
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A VC Deal in Canada - Break Out the Bubbly
by
Mark Evans
on Thu 08 Dec 2005 10:29 AM EST | Permanent Link
With all the VC activity in the U.S. - most of it being thrown at cool Web 2.0 with, at best, uncertain business model - it is encouraging to see a Canadian high-tech company receive some love. Third Brigade Inc., which develops software to protect businesses from computer attacks and viruses, has raised $11.5-million from BCE Capital, Celtic House and BDC Venture Capital. This follows a $5-million round earlier this year. This deal is the latest in a string of financings made by BCE Capital, the investment arm of BCE Inc. Some of BCE Capital's deals are strategic to the corporate mothership but the VC has a mandate to pretty much invest where it wants in Canada and the U.S. That said, I wonder if they're still feeling the sting of passing on Skype in late-2003 because they couldn't see a business model? Lesson to be learned: the next time Niklas Zennstrom comes asking for some financing, get the check book out as quick before he changes his mind.
Comments
Re: A VC Deal in Canada - Break Out the Bubbly
by
Anonymous
on Thu 08 Dec 2005 09:04 PM EST | Permanent Link
There's others too, TrialStat ( in Ottawa ) (trialstat.com) just received $5.5 million from Celtic House Venture Partners and BDC Venture Capital. They don't look like a Web/Internet type company, but their products are examples of how web applications can solve real problems.
Re: A VC Deal in Canada - Break Out the Bubbly
by
Penguin
on Fri 09 Dec 2005 03:22 AM EST | Profile | Permanent Link
Last week's Economist takes a pretty grim view on Canada's innovation economy and looks mainly at the oil boom that is fueling (pun intended) the economy. Hard to quibble too much with that point. That being said, nice to see some news made around Canadian innovation.
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