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Vanedge Capital announces its first closing of $100 Million Digital Media Fund

Vancouver’s Vanedge Capital officially announced this morning the initial close of their Vanedge Capital I L.P. fund.

Vanedge Capital is a sector specific fund that will focus on interactive digital media with a primary focus within Canada. Today’s announcement is well timed with Vancouver in the midst of Vancouver Interactive Digital Week and the CVCA Annual Conference taking place in Canada’s capital this week.

The Fund now has over $100 million in committed capital from a line-up of limited partners that includes Teralys Capital (who confirmed $25 Million today), BC Renaissance Capital Fund, BDC Venture Capital, Nicola Wealth Management, as well as additional institutional investors and a select group of individual investors. Vanedge did not confirm with today’s announcement whether Electronic Arts is an investor.

Vanedge Capital is led by Managing General Partner Paul Lee, a long-time Electronic Arts executive who Techvibes named to it’s Digital Media People to Watch in BC in 2009 list. Academy Award winning computer graphics pioneer Glenn Entis is a General Partner and Jason Chein brings his General Manager experience to Vanedge from Electronic Arts in China.

Joining Vanedge as of today’s funding announcement is Divesh Sisodraker as CFO and General Partner. Sisodraker has held key management positions at ALI Technologies (CFO) and Pivotal (CFO, then CEO) and some of you may recall his contributions here on the  Techvibes blog.

With the B.C. Renaissance Capital Fund participating to the tune of $30 $15 Million, today’s press announcement included the obligatory congratulations from Iain Black, British Columbia Minister of Small Business, Technology and Economic Development.  “B.C. is a hub for interactive digital media, with nearly half of Canada’s 300 companies operating here,” Black said. “I commend Vanedge for providing this vibrant industry – here and in the rest of Canada – with access to the resources it needs to make an even bigger mark worldwide.”

With today’s Vanedge announcement, the future for digital media in Canada is looking much brighter.