The B.C. Discovery Fund, which invests venture capital in B.C.’s emerging technology businesses, has reported an increase in share value after the successful completion of financing for one of its portfolio companies.
Burnaby’s Vivonet, which provides point of sale systems, completed a US$8.5 million secondary offering of shares with Vancouver-based private equity capital firm Maxam Opportunities Fund LP.
The financing increased the Discovery Fund’s share price by $0.14 as a result of a $900,000 aggregate increase in the fund’s investment in Vivonet.
Business in Vancouver last spoke to the principals of Maxam in August 2008 (issue 982, August 19-25, 2008) shortly after closing their $100 million fund from local investors.