Canada's Portag3 Ventures invests in Street Contxt
By Solarina Ho
TORONTO (Reuters) - Portag3 Ventures, a financial technology fund backed by Canada's Power Financial Corp (PWF.TO: Quote), has invested an undisclosed amount in finance startup Street Contxt, Portag3's president said in an interview on Monday.
Started in 2012, Toronto-based Street Contxt lets financial analysts distribute their research reports to capital markets clients and track how they are used, and offers a system for money managers to organize and make the most of the research they amass. The company, which raised $8 million in a funding round a year ago, could not be immediately reached for comment.
"Our target for this coming year is to make 10 to 15 investments," Adam Felesky, Portag3 president and co-founder said. "The most recent one we did was Street Contxt, which closed last week."
Felesky said the fund seeks partnerships that have long-term investment potential and described Street Contxt chief executive Blair Livingston as the kind of "visionary, young entrepreneur" they look for.
Portag3 launched last October and is backed by Montreal-based Power Financial, and its subsidiaries, IGM Financial Inc IGM.TO and Great-West Lifeco Inc GWO.TO.
The area of financial technology - known as fintech - has attracted billions of dollars in investment globally in recent years. Portag3 is among several new venture capital funds launched in Canada focused specifically on technology-driven startups that aim to disrupt or bring innovation to the financial industry.
Portag3, which considers itself a corporate venture capitalist, does not set term limits on its investments and is looking to invest in a number of startups both in Canada and abroad, said Felesky. Outside of Canada, the fund has flagged several potential opportunities in Europe, and Germany in particular.
(Reporting by Solarina Ho; Editing by Bill Rigby)
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