Pender Ventures secures $10 million investment from InBC to support B2B software and healthtech start-up ecosystem

VANCOUVER, British Columbia, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Pender Ventures is pleased to announce that InBC Investment Corp. ("InBC") has made a $10 million investment in the Pender Technology Inflection Fund II ("PTIF II").

InBC is a Crown corporation that manages and invests a $500 million strategic investment fund created by the Province of B.C. to support high-growth businesses and venture capital funds for the benefit of British Columbians.

"InBC's approach and philosophy perfectly dovetails with our fundamental mission to bridge the capital gap for entrepreneurs. Our goal is to nurture a more diverse start-up landscape and help them achieve growth on a global scale. By doing so, we believe we can drive better performance all around for companies in B.C. and across Canada," said Maria Pacella, Managing Partner of Pender Ventures. "We are deeply grateful for InBC's support."

Pender Ventures is a long-time investor in technology companies in B.C. Founded in Vancouver, the firm recognizes B.C. as a vibrant and expanding hub of innovation, supported by a highly skilled and diverse workforce that continues to drive the region's technological advancement and economic development. Pender Ventures invests in B2B technology and healthtech start-ups at the inflection point between commercialization and scale. Pender Ventures also integrates a robust Environmental, Social, and Governance ("ESG") framework to navigate risks and identify opportunities, always with a keen awareness of the impact that the firm's choices have on communities and the environment.

"Pender Ventures has strong roots in B.C. along with a proven track record for nurturing entrepreneurs and scaling innovative healthtech and software companies," said Leah Nguyen, Chief Investment Officer of InBC. "Their commitment to impact and ESG, and focus on healthcare, aligns with our mandate to build a more inclusive, sustainable and prosperous future. Investing in venture capital funds like Pender Ventures allows us to scale our investing capacity to reach more founders and companies and will help drive innovation and build an economic future for the province that is thriving and resilient."

InBC's investment substantially advances PTIF II towards the target size of $100M and final close.

Pender Ventures is actively evaluating and exploring more investment opportunities and welcomes inquiries and collaboration from entrepreneurs and co-investors from across Canada.

About Pender Ventures

Pender Ventures is a thesis-driven venture capital investor focused on B2B software and healthtech startups at the inflection point between commercialization and scale. As hands-on, high-conviction investors, Pender Ventures' diverse team leverages decades of experience to add operational and strategic value to its portfolio companies.

For more information, please visit www.penderventures.com. Please read important disclosures at www.penderventures.com/disclaimer.

About InBC Investment Corp.

InBC Investment Corp.is a strategic investment fund created by the Province of British Columbia with $500 million to invest in growing companies and funds to benefit the people of British Columbia. It seeks to attract, retain and grow companies, while generating financial returns alongside measurable economic, social and environmental impacts.

About PenderFund Capital Management Ltd.

Pender was founded in 2003 and is an independent, employee-owned investment firm located in Vancouver, British Columbia. Our goal is to protect and grow wealth for our investors over time. We have a talented investment team of expert analysts, security selectors and independent thinkers who actively manage a suite of differentiated private and public equity, and fixed income investment funds, exploiting inefficient parts of the investing universe to achieve our goal. Please visit www.penderfund.com. Please read important disclosures at www.penderfund.com/disclaimer.