MSBi raises additional capital
MSBi raises additional capital
Solidarity Fund QFL invests $10 million
Montreal, Thursday July 8, 2004 — The Solidarity Fund QFL announces a $10 million investment in MSBi Investment Fund LP, a seed and early stage fund specializing in high tech business financing. This partnership will allow MSBi to more adequately respond to the financial needs of seed-stage and early-stage companies resulting from next generation technologies that emanate from McGill, Sherbrooke and Bishop’s universities, as well as their affiliated hospitals and research centres.
Founded in December 2001, MSBi provides financing and strategic support to emerging companies from its member institutions. These new firms are primarily active in the sectors of life sciences, information technology, advanced materials and energy. MSBi’s management team is comprised of three partners with significant operations experience and investment expertise. The team consists of Mark de Groot, Ph.D., Chris Arsenault and Cédric Bisson, LL.B., M.D.
“Our investment in MSBi will increase MSBi’s capitalization and therefore allow dynamic entrepreneurs to start new companies that in turn will create new jobs in different regions of Québec”, said Pierre Genest, CEO of the Solidarity Fund QFL.
The Solidarity Fund QFL’s investment brings MSBi’s total capital under management to over 46 million dollars. “We greatly appreciate the Solidarity Fund QFL’s faith in our management team, our academic partners and our approach towards financing emerging high growth companies”, said Mark de Groot, Chief Executive Officer of MSBi. “The Solidarity Fund QFL investment will allow MSBi to participate financially in its companies, from the seed stage through to an exit”, he added.
Since September 2002, MSBi has made 7 investments in highly promising start-up companies. Since inception, these seven companies have raised more than $25 million in venture capital financing, both from MSBi funds and from partner investors. Approximately half those funds came from foreign investors.
About MSBi
MSBi Capital is a seed and early stage venture capital fund dedicated to commercializing innovations in life sciences, information technology and the physical sciences. MSBi Capital has a particular focus on establishing and building companies based on technology advancements and inventions originating from the universities of McGill, Sherbrooke and Bishop’s, as well as their affiliated hospitals and research institutes. More information about MSBi is available at www.msbi.ca.
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About the Solidarity Fund QFL
With assets of over $4.9 billion, the Solidarity Fund QFL is a development capital fund that, through Registered Retirement Saving Plans, channels the savings of Quebecers to help create and maintain jobs in companies and contribute to the economic development of Québec. The Fund currently has over 555,000 shareholders and has helped, either on its own or with other financial partners, create maintain and support over 90,000 jobs. For more information, visit www.fondsftq.com.
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Information:
Helene Jutras
Office Manager
MSBi Capital
Telephone: 514–982–9044
Email: hjutras@msbi.ca
or
Pierre Leduc
Senior Advisor, Press Relations
Solidarity Fund QFL
Telephone: 800 361–5017
Mobile: 514–234–2996
Email: pleduc@fondsftq.com
