CIBC Innovation Banking provided a capital call line of credit to Vanedge Capital III, an early-stage venture capital fund. The financing solution provides Vanedge the ability to make investments in portfolio companies prior to calling capital from the fund’s limited partners to continue its investment strategy in analytics, hard tech and computational biology.
Based in Vancouver, Vanedge has raised more than $390 million in committed capital across three funds since 2010 and completed more than 40 investments with 10 exits. The firm will continue to focus on emerging Canadian companies, with a thematic investment strategy that focuses on software, hard tech platforms and computational biology.
“As a well-established Canadian fund, Vanedge is known for its ability to help scale early-stage companies within their sectors,” Rob Rosen, managing director in CIBC Innovation Banking’s Toronto office, said. “We look forward to deepening our relationship with the team and supporting the needs of their portfolio companies.”
“We are thrilled to be working with CIBC Innovation Banking in a number of areas, from foreign exchange to business banking and lines of credit. We are impressed by the team’s breadth of services and added focus on the innovation ecosystem in Canada,” Paul Lee, managing partner at Vanedge, said.