TORONTO--(BUSINESS WIRE)--Venture Capital firm, Klass Capital, is pleased to announce a partnership with Healthcare of Ontario Pension Plan (HOOPP) to significantly increase the size of Klass Capital Fund I, LP, a Canadian based venture capital fund focused on enterprise software, information technology and e-commerce companies. Founded by Daniel Klass in 2010, the Fund now has $50 million to invest in high growth Canadian technology businesses.
Commenting on the partnership, Elizabeth Loach, Partner at HOOPP Capital Partners stated, “We are delighted to partner with Klass Capital to help strengthen Canada’s technology ecosystem. Additional capital will help Canadian entrepreneurs create value by driving innovation and demonstrating international reach.”
According to a recent study1, Toronto, Montreal and Vancouver rank among the world’s top 25 technology start-up ecosystems. Toronto ranked an impressive fourth on the list. Healthcare of Ontario Pension Plan’s partnership with Klass Capital aims to ensure that the area’s entrepreneurs have access to local capital.
Daniel Klass, Founder, Klass Capital, commented: "We take a collaborative and entrepreneurial approach to investing and strongly believe our partnership with Healthcare of Ontario Pension Plan will better support Canada’s best entrepreneurs and drive Canada’s technology sector.”
Daniel Klass went on to add: “The Fund will be investing between $2 million and $10 million of equity per transaction in proven high growth technology businesses. We see tremendous industry growth in e-commerce and enterprise software and we are very excited about all the opportunities we are currently exploring.”
“As Klass Capital and Healthcare of Ontario Pension Plan share a similar entrepreneurial style and long-term approach to value creation, we could not have asked for a more appropriate or supportive partner. This continues to be a very exciting time for Canadian technology businesses and we look forward to partnering in their continued success,” Daniel Klass added.
Since the company’s launch, Klass Capital has invested in some of Canada’s fastest growing enterprise software businesses, including Nulogy, Firmex and UnoApp.
In 2011, Klass Capital lead a $3 million financing in a cloud based supply chain logistics business Nulogy, which resulted in 100% increase in revenue and significant key customer wins. Klass Capital also partnered with the web-based marketing platform and solution, UnoApp, which increased its customer base from 100 to 1,000+ in 2 years following approximately $3 million of equity investment.
Klass Capital is also in the process of closing a $4 million financing deal in the workflow management space for large retailers that will be announced in the coming weeks.
Follow Klass Capital on Twitter @KlassCapital
Klass Capital is a venture capital firm targeting small software or web enabled post revenue companies. The company’s target equity investment size is between $2 million and $10 million. Klass Capital has a unique entrepreneurial culture and hands on approach which attracts an impressive roster of driven entrepreneurs.
About the Healthcare of Ontario Pension Plan
HOOPP Capital Partners (“HCP”) is the identity under which HOOPP conducts its private equity activities. HOOPP has been successfully involved with private equity and related alternative investments since 1989. Specifically, this portfolio invests directly in operating companies with notable growth prospects, often alongside like minded industrial or financial partners, and in select limited partnerships (funds), most arrangements in which HOOPP has played the role of a founding investor. Currently, HCP has approximately $2 billion invested directly into companies and fund arrangements. The focus is on growth capital investments in North America and the UK/Eurozone.
With overall assets of $40 billion, HOOPP provides a defined benefit pension plan to more than 270,000 working and retired Ontario healthcare workers.
1Study published by Startup Compass – see hyperlink to study