VenGrowth Capital Partners, a Canadian Tier One venture capital firm today has opened a new office in Ottawa. VenGrowth’s Ottawa presence will be led by two veteran members of the Ottawa technology community, Patrick DiPietro and Dr. Mark Janoska. From Nortel Networks and PMC-Sierra, respectively, DiPietro and Janoska are joining VenGrowth as general partners. VenGrowth’s investment team now consists of 17 highly specialized, full-time members.

“Over the past few years, the Ottawa region has seen unparalleled growth and technical innovation. VenGrowth has long-recognized Ottawa’s importance to Canada’s high-tech industry. We are a leading investor in the region, and feel that it is an opportune time to establish a permanent presence in the national technology capital,” says David Ferguson, VenGrowth managing general partner.

“This office will serve as a resource to our numerous Ottawa-based investees, as well as enable us to capture the wealth of new opportunities that continue to arise from this region.”

Last year, $1.2 billion in venture capital funding was disbursed to the Ottawa region, up from $75 million two years prior. As of mid-September 2001, approximately $750 million in venture funding has flowed into Ottawa since the beginning of the year.

“Our decision to establish a presence in Ottawa is a natural extension of our strategic growth,” says Allen Lupyrypa, VenGrowth Managing General Partner. “Our stronghold within three key North American technology hubs -Toronto, Ottawa and Boston – creates an exceptionally strong proposition for
our investees, and of course, for our shareholder base as continued access to the highest quality deals translate into long-term asset return potential.”