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Yaletown Venture Partners and Ventures West Back GaleForce Solutions
June 24, 2004
Yaletown Venture Partners and Ventures West Back GaleForce Solutions
Backed by the first Canadian IT seed financing to come out of the Ventures West 8 Limited Partnership Fund, and the first software company financing from Yaletown Venture Partners’ inaugural fund, GaleForce Solutions today announced that it has secured funding totaling $2.8 million CAD from two of Canada’s top-tier investor groups.
GaleForce Solutions, founded in April, 2003, has leveraged core Microsoft customer relationship management (CRM) technology to create GaleForce CRM for Financial Services – a highly customized CRM solution designed specifically to meet the unique requirements of mid-sized financial services institutions. GaleForce’s vision is to deliver an easy-to-use, integrated CRM solution specifically for customer-centric financial institutions, and support them with superior customer service. The company is 100% focused on Financial Services, CRM and Microsoft.
GaleForce Solutions has spent the last year developing its technology and building its core management team. The venture capital backing will be used to significantly accelerate go-to-market activities. “This is an exciting milestone in the history of GaleForce,” said CEO John Fraissinet. “We can now built the very best sales organization, expand product development to maintain our competitive advantage, and extend our reach through world-class partnerships and highly-targeted marketing.”
The GaleForce investment is the first collaboration between Yaletown Venture Partners and Ventures West. “We are delighted to have played a key role in this financing syndicate,” said Yaletown Partner Mike Satterfield. “It takes talented entrepreneurs and innovative technology, backed by equally sophisticated investment partners, to build a great technology company. From the outset, we could see how GaleForce’s exceptional depth in software for CRM, analytics and banking would enable it to seize the opportunity created by Microsoft’s entry into the CRM market.”
Ventures West established the ventures West 8 Limited Partnership Fund in 2003 – the largest Canadian private venture capital fund raised in Canada that year. “GaleForce offers a unique value proposition – a CRM solutions tailored to mid-market financial institutions, and highly customized to meet their needs,” said Robin Louis, President of Ventures West. “It also leverages the extensive development effort that Microsoft expends on the base CRM functionality.”
About Ventures West
Ventures West Management Inc is a private venture capital investment group that is recognized as one of Canada’s pre-eminent investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over $600 million and has invested in more than 125 companies. Ventures West has the people, the expertise, and the capital to help develop emerging technology companies into market leaders. Investments focus on four technology sectors: Biotechnology, Communications, Energy Technology and Information technology. For more information, visit
www.ventureswest.com
.
About Yaletown Venture Partners
Based in Vancouver, British Columbia, Yaletown Venture Partners is a venture capital firm that invests time, expertise, and money in seed and early-stage technology companies. Yaletown focuses on Western Canada’s vibrant Information Technology and Energy Technology clusters. Yaletown’s investment managers bring a combined sixty years of early-stage company-building and financing experience to each portfolio company. For more information, visit
www.yaletown.com
.
About GaleForce Solutions
GaleForce Solutions, a privately held company, has leveraged core Microsoft customer relationship management technology to create GaleForce CRM for Financial Services--designed specifically to meet the unique requirements of managing and optimizing high value financial services clients. GaleForce CRM for Financial Services easily integrates into daily operating environments for seamless use with the full range of Microsoft Office programs and productivity tools. With GaleForce CRM for Financial Services, you gain the unmatched advantage of a low risk, highly flexible, easy-to-use solution that quickly enhances corporate knowledge, sales force productivity, client service, share of wallet, and profitability. The GaleForce brand is a trusted name in CRM solutions for financial services organizations. We are a Microsoft Gold Certified Partner, Certified Business Solutions Partner and Certified ISV Partner. Headquartered in Vancouver, British Columbia, GaleForce Solutions has offices in Canada, the US and UK, and can be found on the Internet at
www.galeforcesolutions.com
.
GaleForce Solutions is a trademark or registered trademark of GaleForce Solutions, Inc. in the U.S. and Canada. All other trademarks or registered trademarks referenced are the property of their respective owners.