Wellington closes new $177.5 million fund, eyes new Silicon Valley digs

Toronto-based Wellington Financial LP said Wednesday it has raised $177.5 million for a new venture fund and announced plans to open a second U.S. office.

The new fund is called Wellington Financial Fund IV and was raisedthrough undisclosed investors including “leading Canadian institutionalinvestors, pension plans and family offices,” Wellington said in a newsrelease.

Wellington Financial CEO MarkMcQueen, seen here in a screenshot from an appearance on BNN.

The firm’s previous fund, Wellington Fund III, was launched in 2006 andled over $300 million in financings. Wellington Financial is aprivately held firm providing various forms of growth capital (mainlybridge financing and venture debt) to Canadian and American companiesin sectors including technology, biotech and communications.

The firm’s new Palo Alto office will open later this year, followingthe 2009 opening of its first U.S. branch in Santa Monica, Calif. The increased U.S.presence reflects the strong portfolio Wellington has amassed inAmerican investments.

“From a standing start, 20 of our last 25 investments have been toU.S.-based, VC-backed innovation companies,” Wellington Financialpresident and CEOMark McQueen said in the release.

Wellington has participated in financings involving Ventures West, BCECapital and Telus Ventures.

Source | WellingtonFinancial Blog

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Christine Wong
Christine Wonghttp://www.itbusiness.ca
Christine Wong has been an on-air reporter for a national daily show on Rogers TV and at High Tech TV, a weekly news magazine on CTV's Ottawa affiliate. She was also an associate producer at Report On Business Television (now called BNN) and CBC's The Hour With George Stroumboulopoulos. As an associate producer at Slice TV, she helped launch two national daily talk shows, The Mom Show and Three Takes. Recently, she was a Staff Writer at ITBusiness.ca and is now a freelance contributor.

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