An American VC Has Been Tasked With Establishing a New Fund in Ottawa

By: Kuljit Grewal  |   July 14th, 2012   |   Business, News, O Canada

Seasoned VC investor Code Corbitt was in the middle of a yearlong Mediterranean sailing trip with his family when he was contacted serendipitously by Invest Ottawa’s CEO Bruce Lazenby.  Although he had never heard of Mr. Lazenby prior to that day, the Canadian’s proposition of creating a Venture fund in Ottawa was enough to entice him.

 

The result of the collaboration and months of subsequent research was the creation of Minstral Venture Partners. The $35 million fund derives its name from a powerful northern wind that is surrounded by comparatively mild weather, fitting considering Ottawa’s perceived laid back nature. As Mr. Corbitt soon discovered however, Ottawa represented quite a hotbed for technology innovation and entrepreneurship, a hotbed that was lacking in VC money.

 

The fund will strive to support between 15 and 20 investments in and around the National Capital Region (NCR). Although no concrete timelines have yet been established, Mr. Lazenby expects the first $10-$15 million to be ready by August of this year. Although originally proposed as a $25 million fund, Corbitt pushed for the additional $10 million due to a lack in area funding.

 

“There’s a clear mismatch between the number of tech companies being created and the amount of finding that’s available in Ottawa. What that gives me as a venture capitalist is a target-rich environment” said Mr. Corbitt.

 

In addition to an Ottawa office, the fund’s technology-driven focus made it a priority for both Corbitt and Lezenby to establish of a Palo Alto, California office as well, given the nature of business and innovation taking place in Silicon Valley. That office will aid in leveraging cross-border deals while also exposing Ottawa tech start-ups to the VC capital of the world.

 

Mr. Corbitt brings a wellspring of knowledge and industry experience having directed and lead strategic investment and venture capital efforts at Motorola Ventures and Forte Ventures. Hopefully Mistral is the first of many VCs drawn to what Ottawa has to offer.