Canopy Ventures Raises Second Fund

Canopy Ventures has closed its second fund with $100 million in capital commitments. The firm focuses on early-stage IT and life sciences opportunities in Utah.

 

PRESS RELEASE

Canopy Ventures today announced the formation of Canopy Ventures II, an early stage venture capital fund totaling $100M designed to infuse high-potential companies with the capital and support needed to spur ongoing growth and development. Ron Heinz and Brandon Tidwell will be the general partners of the fund as Canopy Ventures continues its investment in Utah businesses.

In keeping with Canopy tradition, the fund will target high-growth information technology companies. In addition, for the first time, the fund will make investments in emerging life sciences technologies. Canopy was founded by the late Ray Noorda, Novell founder and former CEO. The Noorda family continues its significant investment in the Utah business community and is the largest limited partner in Canopy Ventures II.

Given the progress of our original fund, the time is right for an expanded commitment to Utah businesses, said Ron Heinz. This substantial new fund will capitalize on the exciting growth in our state and assist capable innovators to enhance and transform new industries and markets.

A spokesman for the Noorda family stated, This new fund is a reaffirmation of the Noorda family's commitment to investing in the success and development of companies in Utah. This state has a rich history of information technology and life sciences innovation and we are encouraged by growth prospects in both areas.

About Canopy Ventures

Canopy Ventures is an early-stage venture capital firm targeting information technology and life science companies primarily in the state of Utah. Since Canopy's founding in 1995, the firm has invested in more than 100 high-growth companies and made a significant contribution to the Utah marketplace. More information may be found at http://www.canopy.com.