Yesterday at the Cantech Investment Conference OMERS Ventures’ CEO revealed that they’re raising a second, larger round of funding to continue invest in tech startups.
OMERS Ventures’ John Ruffolo told Reuters that the VC firm has already secured some funding from its parent, the Ontario Municipal Employees Retirement System, for the second round and has invested some of it, but is now negotiating for more funding from outside sources.
“It will be a very large fund. It will be larger than our first fund, which was $200 million,” he told Reuters.
OMERS was the sole provider of funds for the initial fund but OMERS Ventures is negotiating for an additional capital injection from at least one external strategic partner.
“I never anticipated for our next fund to be anyone but OMERS and now there is unsolicited interest,” Ruffolo said. “We’re not looking for capital, but some of these partners have some very interesting strategic value for us that we like a lot,” he said, adding that a deal should be closed soon.
OMERS Ventures has been active in 2013 with investments in 360 Incentives, Pressly, PasswordBox, Vidyard, HootSuite and Shopify and the launch of OneEleven, Canada’s first accelerator created for Data-Driven Entrepreneurs.
OMERS Ventures is a finalists in Techvibes 2013 Venture Capital Firm of the Year Award.