GrowthWorks Invests in Octopz
July 31, 2007
Toronto, Ontario – GrowthWorks* announced today that its managed funds have committed to a second round of investment in Octopz Inc., this time from GrowthWorks Canadian Fund – a $376M national retail venture capital fund. Existing investor Wallace Studios also participated in the round. Octopz, which offers an advanced online collaboration solution targeting creative professionals in both SMB (Small/Medium Business) and Enterprise markets, will use this additional funding to build on the company’s technology and expand sales and marketing initiatives.“In the short time since its launch, Octopz has had a high level of traction in the marketplace, winning prestigious awards from technology experts and enthusiastic praise from its customers,” said Tim Lee, VP, Investments with GrowthWorks. “We are proud of our investment in Octopz as we believe this company has the potential to become a leader in this market
Octopz is a powerful, easy-to-use collaboration technology developed specifically to meet the needs of creative professionals. Octopz enables people to work – in real time or asynchronously – with customers, colleagues and suppliers around the world. The result is increased productivity through improved decision making and enhanced speed-to-market.
“The support of GrowthWorks brings strong credibility to a new and innovative company and we’re delighted to have them as an investor,” said Ron McKenzie, CEO of Octopz Inc. “Strong financial backing combined with the positive response Octopz has received from our partners and customers, ideally positions the company for the next phase of growth.”
Octopz publicly launched at Web 2.0 Expo 2007, where it was named one of the ‘Top Five’ Web 2.0 services by the editors of CNET’s Webware.com. Octopz was also selected as a finalist in the first ever “Webware 100” awards for its next-generation online collaboration software. Nominated in the Productivity category, Octopz was chosen as a finalist from more than 4,000 user-submitted services and applications.
About Octopz Inc. (www.octopz.com)
Octopz Inc. develops next generation on-demand, online collaboration technologies built specifically for today’s creative professionals. With fully integrated support for text messaging, VoIP and webcams, Octopz allows colleagues and partners anywhere in the world to work together securely in real-time, or individually at their own convenience, using multiple document types, and then save and archive their work for easy retrieval, review and critical feedback. The result is accelerated decision making and speed-to-market – a significant competitive edge.
About GrowthWorks (www.growthworks.ca)
GrowthWorks™ managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks* manages over $800 million in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd. and GrowthWorks Canadian Fund Ltd. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Advanced Manufacturing sectors. Building on over 15 years of investment expertise, GrowthWorks is a leader in Canadian retail venture capital management.
-30-
For more information on Octopz contact:
Ann Christie, VP, Marketing
416.673.8187
email here
For more information on GrowthWorks contact:
Tracey Morrison, VP, National Marketing & Communications
1.800.268.8244
tracey.morrison@growthworks.ca
*GrowthWorks refers to affiliates of GrowthWorks Ltd. and includes GrowthWorks Capital Ltd., manager of the Working Opportunity Fund (EVCC) Ltd., GrowthWorks WV Management Ltd., manager of GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization Fund Ltd., and GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd.
