Fredericton Startup IntroHive Raises $1.8M


Canadian venture capital firms GrowthWorks and New Brunswick Innovation Foundation co-led a C$1.8 million investment in IntroHive Inc., a Fredericton, New Brunswick-based startup which features cloud-based software for sales leads.  Also participating in the deal were former Research in Motion executives, which brought IntroHive’s total financing to-date to C$3 million.

PRESS RELEASE

FREDERICTON – December 10, 2012

GrowthWorks Atlantic Venture Fund and the New Brunswick Innovation Foundation (NBIF) today announced that they co-led an investment of $1.8 million in IntroHive. Former Research In Motion (RIM) executives also participated in the round, bringing the company’s total financing to-date to $3 million. Launched in early 2012, IntroHive markets cloud-based software that allows organizations to analyze enterprise data to create a firehose of personal introductions to just the right sales prospects.

“We have made huge strides over the past year to create a platform that helps enterprises strengthen relationships by leveraging the data sitting in their own enterprise,” said Jody Glidden, CEO of IntroHive. “In the coming year, we will use this investment to turn up the dial on our own sales efforts to expand IntroHive’s clients and users across North America.”

Co-founded by Jody Glidden and Stewart Walchli, the company has major operations located in Fredericton, New Brunswick, and Washington, DC. Their previous enterprise software company Chalk Media, also of Fredericton, New Brunswick, was bought by Research In Motion in 2009
“IntroHive’s impressive traction in a short period of time speaks to the company’s ability to create a more effective sales process for enterprises,” said Peter Clark, Vice President of GrowthWorks Atlantic. “We like the fact that IntroHive’s founders have worked together previously and have in-depth experience selling cloud-based software to Fortune 500 enterprises.” “This is a great product for companies that have large sales divisions,” says NBIF Chair Robert Hatheway, “if a sales person on one side of the country is targeting a specific prospect, the system can tell if anyone else in the company already has a connection to them, and the relative strength of that connection.”

About GrowthWorks* (www.growthworks.ca)
GrowthWorksTM managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors through GrowthWorks Atlantic Venture Fund Ltd., the Working Opportunity Fund (EVCC) 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 Cleantech sectors. Building on more than 18 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd. *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. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.
Commissions, trailing commissions, management fees and expenses all may be associated with retail venture capital fund (RVC) purchases. Please read the fund’s prospectus before investing. RVCs are not guaranteed, their values change frequently and past performance may not be repeated. On December 16, 2005, the fund completed a merger by purchasing the assets of Workers Investment Fund Inc. in exchange for Class A shares distributed to former shareholders of that fund.

About New Brunswick Innovation Foundation (NBIF)
The New Brunswick Innovation Foundation (NBIF) is an independent, not-forprofit corporation that makes venture capital investments in new startup companies and funds applied R&D. With 25 companies in its portfolio, and over 300 research projects supported, NBIF’s $35 million in investments has leveraged over $250 million more for its clients. All of the returns NBIF earns on its portfolio go back into the Foundation to be re-invested in other startups and research projects.

Photo courtesy of Shutterstock.

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