Toronto-based investment firm McRock Capital has raised $50 million in the first close for its industrial internet VC fund. Investors include BDC Venture Capital and ”significant” Canadian and U.S. institutional investors and family offices.
Toronto, Ontario–(December 16, 2013) – McRock Capital is pleased to announce an initial closing of its $50 million Industrial Internet venture capital fund (McRock iNFund LP). This closing, led by its first investor, BDC Venture Capital, includes participation from other significant Canadian and US institutional investors and family offices. The close also comes weeks after McRock announced a strategic alignment with GE to advance Canada’s position in the Industrial Internet.
McRock is focused exclusively on the intersection of sensors and software in large industrial markets, an area known as the Industrial Internet. The fund will invest in high growth companies across Canada and the US that are specifically targeting large industrial markets looking to maximize the efficiency of their operations by making their machines, equipment and devices run more intelligently.
“We are thrilled to announce the first close of our fund and are grateful for the confidence our investors have shown in us,” said Scott MacDonald, Co-founder and Managing Partner of McRock Capital. “We have entered an era of profound transformation with the Industrial Internet. McRock is well positioned to unlock tremendous value in these billion dollar markets.”
“McRock iNFund has a highly focused and differentiated investment strategy that has caught the interest of many Canadian and US investors. Moreover, it is well aligned with our own objective of supporting Canadian ventures that have the potential both to commercialize scalable industrial technologies and to generate significant returns,” stated Dominique Bélanger, VP of Strategic Investments and Initiatives at BDC Venture Capital. “McRock’s founding partners have earned an excellent reputation as investors through their industry knowledge and having built a number of successful Industrial Internet companies over the course of their careers.”
“This is perhaps a rare case of the entrepreneur that backed the venture capitalist,” said Marzio Pozzuoli, Founder of RuggedCom and one of Canada’s most successful Industrial Internet entrepreneurs.
“The founding partners of McRock, Scott MacDonald and Whitney Rockley, invested in me when I started my first company. I wanted to be an investor and advisor to McRock to help them build more companies like RuggedCom.”
“Industrial Internet companies are born global, which makes our partnership very easy to align and derive mutual benefit,” said Warren Plunkett, Investment Manager, EDC. “EDC and McRock do more than just provide financing – our real value comes from opening doors through our significant global network of buyers, particularly in the industrial markets.”
About BDC Venture Capital
With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health and energy companies, as well as venture funds, with high growth potential. From seed through expansion to exit, our mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian technology ventures. Find out more at www.bdc.ca/vc or on Twitter @BDC_VC
Export Development Canada is Canada’s export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC’s knowledge and partnerships are used by more than 7,400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC Investments group provides private equity investments intended to enhance the growth of Canadian SMEs focused on exporting, international expansion, and/or developing international affiliations. EDC’s participation in foreign equity funds allows it to connect Canadian companies with emerging international business opportunities through direct introductions to potential procurement opportunities.
About McRock Capital
McRock is an investment firm co-founded by venture capital veterans Scott MacDonald and Whitney Rockley and invests exclusively in Industrial Internet companies across Canada and the US. The Industrial Internet is about the intersection of sensors & software and large industrial markets. For more information, visit www.mcrockcapital.com.