Press
Toronto, March 7, 2008
GrowthWorks Commercialization Fund - Invests in Peerset
GrowthWorks Commercialization Fund announced today that it recently completed an
investment in Toronto-based Peerset Inc., which is aiming to become a leading, trusted
social media advertising company. Strategic investor, Pareto Corporation, also participated
in the funding round. Proceeds will be used to further the company’s technology
and expand sales and marketing initiatives.
Peerset has developed ad serving technology that targets users based on their individual
interests. The company’s technology searches for information on the general public’s
interests, attitudes and opinions on hundreds of publicly available sources such
as social networks, blogs and forums. This is done with strict adherence to privacy
policies - information is collected in aggregate and not in an individually identifiable
manner. This information can then be used to provide direction on which ads will
have high relevance to individual users. The technology has the potential of increasing
clickthrough rates by up to 400%.
“The Peerset team has developed a unique and compelling technology that has the
potential to change the way advertisers target and reach consumers on the Internet,”
said Tim Lee, Senior Vice President, Investments GrowthWorks. “Our investment in
Peerset is also representative of GrowthWorks’ commitment to supporting early-stage
technology companies in Ontario.”
“The online advertising industry is being disrupted by the proliferation of user-generated
content and current advertising networks and targeting technologies are not well
suited for social media” said Chetan Mathur, Chairman of Peerset. “Our online advertising
solution was built from the ground up with social media in mind and is designed
to gain the trust of users, advertisers and publishers. The GrowthWorks team has
been instrumental in shaping our vision and we are excited to be partnering with
them because of their extensive experience in helping to build world-class technology
companies.”
In conjunction with the investment, seasoned technology entrepreneur Chetan Mathur,
advertising industry veteran Marc Ruxin and Roger Chabra, Investment Manager at
GrowthWorks have joined Peerset’s board of directors. Mathur is the Chief Executive
Officer of Next Pathway and previously was the founder & CEO of M Systems Group
and Sage Information Consultants. Ruxin is the Senior Vice President of Digital
Strategy & Innovation for McCann Worldgroup based in San Francisco, and has
previously served as a senior executive of a number of online media- and advertising-related
companies including Beam.tv, Gyro Group, iVAST and Eveo.
GrowthWorks contact:
Tracey Morrison, Vice President, National Marketing and Communications (604) 862-6098
Tracey.Morrison@growthworks.ca
Peerset contact:
Chetan Mathur, Chairman (416) 930-4742 CMathur@Peerset.com
GrowthWorksTM managed funds provide investment capital for Canadian companies and
tax-advantaged investment opportunities for Canadian investors. GrowthWorks* manages
over $900 million in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks
Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd., GrowthWorks
Canadian Fund Ltd. and ENSIS Growth Fund Inc. GrowthWorks identifies, analyzes and
structures investments in companies with high growth potential. Particular emphasis
is placed on IT, Life Sciences and Advanced Manufacturing sectors. Building on over
15 years of investment expertise, GrowthWorks is a leader in Canadian venture capital
management.
Peerset Inc. is a social media advertising company. The Company was established
in 2005 and is headquartered in Toronto. Peerset has built a predictive matching
software platform with applications in advertising, ecommerce and search. Peerset
is well positioned to become a leader in providing targeting technology to advertising
networks and social media firms. The company is currently commercializing its proprietary
online advertising technology and advertising network, both of which are designed
for the unique requirements of user generated-content environments such as social
networks, blogs and video sharing sites.
Pareto Corporation is a marketing services company that offers marketing execution
solutions to leading companies in a broad range of industry sectors. Pareto provides
measurable, quantifiable services that complement our clients’ marketing and sales
departments.
* GrowthWorks refers to affiliates of GrowthWorks Ltd. and includes: GrowthWorks
Capital Ltd, manager of the Working Opportunity Fund (EVCC) Ltd.; GrowthWorks WV
Management Ltd., manager of GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization
Fund Ltd.; GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund
Ltd. and ENSIS Management Inc., manager of ENSIS Growth Fund Inc. GrowthWorks is
a registered trademark of GrowthWorks Capital Ltd. ENSIS is a registered trademark
of ENSIS Capital Corporation. Commissions, trailing commissions, management fees
and expenses all may be associated with investments in retail venture capital funds
(RVCs). RVCs are not guaranteed; their values change frequently and past performance
may not be repeated. Please read the prospectus before investing. A merger of ENSIS
Growth Fund Inc. into GrowthWorks Canadian Fund Ltd. remains subject to numerous
conditions, including board, shareholder and regulatory approvals. There can be
no assurance that a merger will be completed. Statements with respect to expected
benefits of the merger are subject to a number of factors and known and unknown
risks that may cause actual results to differ materially from those expressed or
implied by such statements. Most of these factors and risks are beyond the control
of the investment funds and their respective managers. Neither the funds nor their
respective managers assume any responsibility for updating these statements.
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