Fundraising

Celtic House closes C$280m venture fund

The Canadian early-stage technology firm has closed an oversubscribed venture capital fund, its third since inception.

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Canadian venture capital firm Celtic House Venture Partners has
announced the close of an oversubscribed third fund on C$280 million
($225 million; €173 million).

The vehicle, which includes commitments from Canadian, US and European
investors, began fundraising back in July 2004 and had originally
targeted a C$200 million goal, according to a press statement.

'One of our main objectives when raising this fund was to broaden our
geographical base of investors,' Celtic managing director Andrew
Waitman said in the statement.

All the institutional investors in Fund II returned in Fund III. Institutional investors in the new fund include the venture fund of funds arm of San Francisco-based Paul Capital Partners and the Canada Pension Plan Investment Board, which last month announced a $50 million pledge to Celtic House.

Celtic House, based in Ottawa and with offices in Toronto and London,
invests primarily in early-stage technology companies originating
mainly in Canada and the UK. The firm focuses on five sectors:
semiconductors, systems, MEMS, optics and software.

Celtic House expects to invest in between 20 and 25 portfolio companies
over the next five years, targeting investment sizes of $2 million to
$5 million per funding round.

In the last 18 months, Celtic House successfully sold two of its seed
investments: UK semiconductor company Synad Technologies sold for $55
million; and Canadian computing systems maker OctigaBay Systems fetched
$115 million.