CIBC provides Whitecap’s Fund IV with capital call facility

CIBC Innovation Banking has provided a capital call facility to the fourth early-stage technology fund of Canadian venture capital firm Whitecap Venture Partners. Terms weren’t disclosed for the facility, which allows Whitecap IV to make investments in portfolio companies prior to calling capital from the fund’s limited partners. Earlier this year, Toronto-based Whitecap initially closed Whitecap IV, securing most of its C$125 million target. CIBC Innovation Banking is the technology lending arm of Canadian bank CIBC.

PRESS RELEASE

TORONTO, April 29, 2019 /CNW/ – CIBC Innovation Banking today announced that it has provided a capital call facility to Whitecap Venture Partners IV LP. The capital call facility provides Whitecap with the flexibility to make investments in portfolio companies prior to calling capital from the fund’s limited partners.

Since the firm’s founding more than 25 years ago, initially as a family office, Whitecap Venture Partners has established four investment funds that deliver value to portfolio companies and provide strong returns across investment cycles. The two most recent funds raised by the firm – Whitecap Venture Partners III and Whitecap Venture Partners IV – received investments from both institutional and High Net Worth Limited Partners (LP).

Whitecap is focused on early stage investments in information and communication technology (ICT), food and food technology, and medical technologies.

“By providing Whitecap with a capital call facility, CIBC is supporting one of the longest-standing successful venture investors in the country,” said Rob Rosen, Managing Director, CIBC Innovation Banking. “It is our pleasure to facilitate the firm’s investment thesis.”

“Access to a capital call facility supports the efficient operation of our LP-funded venture fund,” added Shayn Diamond, Partner at Whitecap Venture Partners. “With their sector experience, CIBC Innovation Banking not only recognizes the unique opportunities and challenges facing technology companies, which positions them as a strong partner for Whitecap.”

About CIBC Innovation Banking
With offices in Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, 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. The team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in Canada and the U.S.

About Whitecap Venture Partners
Whitecap Venture Partners is a diversified early stage venture capital fund investing in high growth companies across three verticals: Information and Communications Technology (ICT), Med Tech and Food/Food Tech. Its team of operators and investment professionals partner with entrepreneurs in verticals where they have deep domain expertise and can bring significant operational and strategic value to companies. Additional information is available at www.whitecapvp.com.