Toronto, ON (PR.com) June 9, 2011—Wave Accounting Inc., the creators of free online accounting software for small businesses, announced the closing of its seed round of financing, led by OMERS through INKEF Capital, the venture capital investment alliance of pension funds OMERS (Canada) and ABP (the Netherlands).
"One of the most exciting aspects of closing our $1.5 million seed round is the involvement of OMERS and INKEF Capital," says Kirk Simpson, president and CEO of Wave.
Though the startup scene in Canada is vibrant, the investment culture has often been characterized by small investments and short-term horizons.
"The arrival of a lifecycle investor like OMERS points to a new way of doing business. Canadian tech startups can now create value on a global scale, without going outside Canada for funding,” Mr. Simpson adds.
INKEF Capital aims to help grow the next generation of start-up companies by partnering with them throughout the investment lifecycle.
"We're taking a long-term investment approach. We plan to work closely with great startups like Wave, and ensure that they have the mentoring and the investment resources to reach their maximum potential. Wave has already shown the kind of innovation and growth we're looking for, and we're excited to have Wave among our first investments,” says Peter Carrescia, Managing Director at INKEF Capital.
Launched in November, 2010, WaveAccounting.com is a free, online accounting application designed specially for small businesses with 9 employees or less. Wave has signed up 20,000 small businesses in 162 countries in under seven months. Wave is privately held, and based in Toronto, Canada.
Rob Maurin, Director of Product and Community
416-521-9141 x104, 1-877-929-WAVE
Established in 2010, INKEF Capital is an innovative international partnership of Canadian pension fund OMERS and Dutch pension fund ABP. A new way of investing in start-ups, INKEF Capital will provide capital at an early stage, and continue to finance successful companies throughout the investment lifecycle, all the way to a sale or an IPO. By investing in the knowledge economy of the future, INKEF Capital’s long-term strategy is to achieve top-quartile returns consistent with the risk profile of the investment class.
OMERS is one of Canada's largest pension funds with over $53 billion in net assets. It provides first-class pension administration and innovative products and services to over 400,000 members. Approximately one in every 20 employees working in the province of Ontario is an OMERS member. Through the OMERS Worldwide brand, our team of investment professionals uses a direct drive, active management investment strategy to invest in public and private market assets, including publicly-traded equities, fixed-income, infrastructure, private equity and real estate. For more information, please visit www.omers.com, or www.omersworldwide.com.