PARTEQ returns half a million in investment fund proceeds to university
PARTEQ Innovations, the technology transfer office of Queen's University, is pleased to announce that the university will receive $589,000 from Covington Capital Corp. resulting from the university's investment in the PARTEQ Internet Ventures Fund.
PARTEQ, in partnership with Covington, established the $2.5 million PARTEQ Internet Ventures Fund in 2001. A labour-sponsored Community Small Business Investment Fund (CSBIF), the PARTEQ fund focused on investing in early-stage Canadian internet and e-commerce companies. In 2003 the fund made an investment in PlateSpin Ltd., a Canadian internet startup company specializing in advanced automation software solutions for data centres. Earlier this year Toronto-based PlateSpin was acquired by Novell, Inc. of Waltham, MA for $205 million, making it one of the most successful exits in the venture capital marketplace over the past year.
“PlateSpin is an excellent example of the importance of venture capital in funding and developing Canada's talented entrepreneurs, and in stimulating innovation and economic growth and development,” says John Molloy, President and CEO of PARTEQ. “PARTEQ and Queen's are fortunate in having the opportunity to partner with Covington in turning innovative ideas and research into Canadian venture success stories.”
For more, see the news release