Bridgescale Partners, a Menlo Park, Calif.-based growth equity firm, announced plans to open a Toronto office later this summer. It did not name any staffers, but did say that it’s recruiting.
Bridgescale Partners (www.bridgescale.com), California-based growth equity firm providing expansion capital to later-stage technology companies, is expanding its focus and operations to include the Eastern United States and Canada. As part of this growth, Bridgescale Partners will open an office in Toronto in the summer of 2009 and is vigorously recruiting new members of its investment team.
“At a time when many private equity firms are scaling back, we are actively expanding and seeking high-quality growth equity opportunities,” said Robert Chaplinsky, managing director, Bridgescale Partners. “Our last two investments have been on the East Coast and we view Canada as an area rich in attractive investment opportunities. With the support from the Canadian investment community, we intend to quickly duplicate the success we have had in Silicon Valley.”
Bridgescale selected Toronto as the location of its new office based on its proximity to a number of East Coast cities, rich talent pool and standing as the financial capital of Canada. Led by managing director Robert Chaplinsky, a Toronto native, current Bridgescale partners will initially manage the new office.
Bridgescale is well positioned for a Canadian expansion as it has significant experience working with Canadian entrepreneurs and companies. For example, Bridgescale is an investor in Cortina, a semiconductor company with a large development center in Ottawa and Proofpoint, one of Bridgescale’s portfolio companies, recently acquired Toronto-based Fortiva. What’s more, several Bridgescale principals have invested in Canadian companies and understand the nuances of the market.
“Bridgescale’s arrival in Canada signals a vote of confidence in the opportunities that exist in Canada for growth equity funds at a time when foreign funds have been discouraged by cross-border tax barriers and when venture capital investment and fundraising are at multi-year lows.” said Gregory Smith, president, CVCA- Canada’s Venture Capital & Private Equity Association. “Canada’s technology industries are suffering by comparison to the U.S. counterparts where venture capital is more plentiful.”
About Bridgescale Partners
Bridgescale Partners (www.bridgescale.com) is a Menlo Park, California based growth equity firm providing expansion capital to U.S.-based, later-stage technology companies. The founding team has more than 20 years of venture capital experience at leading early- and later-stage institutions and brings deep expertise in helping semiconductor, communication and internet companies scale their businesses. Bridgescale invests in companies that are at a stage where they need expansion capital to “scale” their business and “bridge” them to an IPO or other strategic goal.