CIBC Innovation Banking backs First Ascent Ventures

First Ascent Ventures has secured a capital call facility from CIBC Innovation Banking. No financial terms were disclosed. First Ascent Ventures invests in emerging Canadian tech companies. CIBC Innovation Banking is the tech lending arm of Canadian bank CIBC.

PRESS RELEASE

CIBC Innovation Banking today announced that it has provided a capital call facility to First Ascent Ventures. The capital call facility provides First Ascent Ventures with the flexibility to make investments in portfolio companies prior to calling capital from the fund’s limited partners.
Since the firm’s founding in 2015, First Ascent Ventures has invested in emerging Canadian technology companies that are building the next generation of disruptive, enterprise B2B software that leverages the cloud, big data, analytics, mobility, AI and machine learning.

The founding partners of the Fund, Richard Black and Tony van Marken, have been involved with over 35 technology companies as founders, operating executives, advisors, and investors and have a successful growth and return track record.

First Ascent Ventures is targeting companies with growing monthly recurring revenue, a strong product offering and top tier customer references, investing from the Series A round and onwards.

“By providing First Ascent Ventures with a capital call facility, CIBC is supporting a great team of investment managers that have enhanced the Canadian technology ecosystem for many years,” said Rob Rosen, Managing Director, CIBC Innovation Banking. “It is our pleasure to facilitate the firm’s investment thesis.”

“The CIBC Innovation Banking team are veterans of the Canadian technology ecosystem and are a proven partner to portfolio companies and VC funds. They understand the operational needs of venture capital firms and we look forward to a long and successful partnership,” said Tony van Marken, Managing Partner, First Ascent Ventures.

About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.

About First Ascent Ventures
First Ascent Ventures was founded in 2015 and invests in emerging Canadian technology companies that are building the next generation of disruptive, enterprise B2B software that leverages the cloud, big data, analytics, mobility, AI and machine learning. The founding partners of the Fund Richard Black and Tony van Marken have been involved with over 35 technology companies as founders, operating executives, advisors and investors with a track record of successful growth and premium returns.

First Ascent Ventures is looking for outstanding, committed entrepreneurs and management teams who seek not just financial backing, but the experience and expertise of successful financial and operating executives who can create a catalyst for growth and ultimately a successful exit for all stake holders. Additional information is available at www.firstascent.vc
For further information Susan Mocherniak, susan.mocherniak@cibc.com, 416-682-6007