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, 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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