Victoria, BC October 23, 2002 PureEdge Solutions Inc. has announced the results of its fifth round of VC financing, worth US $9.75 million (CDN $15.4 million). The investment was led by the Business Development Bank of Canada (BDC), Venture Capital Group, and includes the Bank of Montreal Capital Corp., RoyNat Capital Inc. (ScotiaBank), plus existing investors GrowthWorks Capital and BC Investment Management Corp.
The company said the investment will be used to expand its North American direct and channel sales force, extend the company's visibility and marketing programs, and strengthen existing software products for Global 2000 customers.
Jenny Yang, director of the BDC Venture Capital Group, said her bank believes PureEdge Solutions has growth potential. "Large corporations and governments are ready for online business processes, and many will purchase PureEdge's secure and dynamic XML e-forms software." She added that PureEdge's longevity in the market, as well as their technology and customer references, also influenced the BDC's award.
Concurrent with this round of funding, PureEdge added industry veterans Yang of BDC Venture Capital and Mike Stewart, senior investment manager, RoyNat Capital, to its Board of Directors.