(February 11 – 11:10 ET) – Venture capital firm, VenGrowth, is opening an office in Boston to act as a “sales and marketing incubator” for the firms in its portfolio that are making forays into the U.S.
The new office will give firms that are trying to break into the U.S. market a shared home base from which they can engineer their U.S. sales, marketing, and recruitment initiatives. Vengrowth wants to give the fledgling firms cheap entry into the U.S., while also creating an opportunity for cooperation and idea generation between small Canadian firms.
Jim Mingle, Boston-bred VenGrowth partner, will run the new office. “We have no doubt that the Canadian companies in which VenGrowth invests have what it takes to compete with the best in the U.S. and around the world. But those first steps toward U.S. expansion can be difficult without support,” he says. “Any advantage we can provide to these companies in the expansion stage, we believe, will benefit our investee companies, and ultimately, VenGrowth’s shareholders.”
VenGrowth will also use the new office to boost its own profile among U.S.-based venture capitalists and build relationships with U.S. investment bankers.
VenGrowth recently closed its flagship fund with more than $650 million in assets,and says it expects to be fully invested by the end of the year. It has since launched a second fund to follow the same strategy as the original.
-IE Staff