Avrio Ventures Raises Additional Funding
Posted on 27. May, 2008 in Corporate News
Kirchner Investment Management Corporation is a general partner of Avrio Ventures.
Calgary, Alberta, 27 May, 2008 – Avrio Ventures (“Avrio”) is pleased to announce the second closing of Avrio Ventures Limited Partnership I in which additional commitments of $25 million have been secured. New investments have been received from a number of leading Canadian institutions and capital commitments to Avrio Ventures Limited Partnership I now total $75 million.
Avrio combines the experience and expertise of Canada’s two leading industrial life science focused venture capital groups – FCC Ventures and Kirchner Investment Management Corporation (“KIMC”). The fund is focused on advanced materials originating from agricultural or related technologies, capitalizing on the convergence of agricultural science and industrial technology.
“Canadian companies in this sector are poised for significant growth as overall market conditions for natural and organic foods, personal care products, natural health products, as well as biofuel technology provide compelling investment opportunities” says Gaetan Lussier, O.C., Chairman of the Avrio Board of Advisors.
Jennifer Brooy, Vice-President of Equity with Export Development Canada, said EDC’s involvement with Avrio Ventures “will help Canadian agricultural technology firms move higher up in the global value chain and help increase trade in a rapidly developing sector. There are strong global demand pressures driving innovation in agricultural technology and Canada is at the forefront of this trend with a strong research base and a host of small companies at the leading edge in this field.” Brooy said.
To date Avrio has invested in three companies:
Siamons International, Inc. manufactures and markets Concrobium Mold Control, a breakthrough, 100% natural antimicrobial product that eliminates and prevents mold. www.concrobium.com
Origin BioMed Inc. is an innovative biotechnology company currently expanding the markets for its line of topical treatment for nerve related pain. www.originbiomed.com
S.J. Irvine manufactures and distributes a wide range of gluten-free, specialty processed foods addressing the growing trend of ‘ingredient wellness’ emerging in the industry.
Collectively, the partners of Avrio manage $175 million of industrial life science sector investments. “KIMC has been part of this sector for some time now,’ said W.B. “Bud” Kirchner, Founder of KIMC. “Avrio is a great opportunity for us to bring KIMC’s value proposition together with that of FCC Ventures to support entrepreneurial companies that make a difference in our everyday lives with products such as the fuel we need and the food we consume.”
Avrio Ventures is headquartered in Calgary, Alberta, with offices in Toronto, Ontario and Montreal, Quebec.
About Avrio Ventures
Avrio Ventures provides growth capital to companies focused on advanced materials originating from agricultural or related technologies. Founded in 2006 Avrio is dedicated to building world class Canadian industrial bioproducts, food technology and nutraceutical ingredient companies that solve tomorrow’s health, wellness and environmental challenges. For more information, please visit www.avrioventures.com
About Kirchner Investment Management Corporation
Kirchner Investment Management Corporation (“KIMC”) provides venture capital and private equity investment (outsourced) management and advisory services, as well as participates as a General Partner in funds through its proprietary capital management group. Through the collective experience of its team, which is composed of operators, fund managers and transaction specialists, the right mix of individuals are assembled to assist an investment fund or institutional investor achieve their investment objectives. KIMC is a member of the Kirchner Private Capital Group family. For more information please see our website at www.kirchnerimc.com.
For additional information, please contact:
Jim Taylor, Partner
Avrio Ventures
403-215-5490
jtaylor@avrioventures.com
Aki Georgacacos, Partner
Avrio Ventures
403-215-5489
ageorgacacos@avrioventures.com
W.B. “Bud” Kirchner, CEO
Kirchner Investment Management Corporation
403-215-5491