Ottawa’s Mistral raising nearly $50-million fund to capitalize on post-COVID opportunities Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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One of Canada’s few prominent “seed-stage” technology venture capital firms, Ottawa’s Mistral Venture Partners, is closing in on its goal of raising $50-million for its third fund to back startups hoping to reshape the postpandemic economy.
Mistral, led by veteran venture capitalist Code Cubitt, was set to start raising the fund last March, but delayed plans as the pandemic took hold. However, Mr. Cubitt said he went back out two months later at the behest of his anchor investor, Business Development Bank of Canada. So far, Mistral has raised $41-million for the fund – including backing from BDC and fund-of-funds investor HarbourVest
As his fast-growing tech firm continues its rapid scaleup journey, Ottawa’s Mike Potter says he welcomes the heightened expectations that come with making a market splash.
Potter, the CEO of data protection software firm Rewind, makes his point using an example from another business where there’s a lot on the line: professional sports.
The engineer-turned-entrepreneur recently watched an episode of the Netflix documentary series
The Playbook that focused on Doc Rivers, the new coach of the NBA’s Philadelphia 76ers. Rivers’s philosophy of dealing with pressure instantly hit home with Potter.
“His attitude is exactly what I want my company to take, which is, you embrace (pressure),” says the rising tech exec, who co-founded Rewind with software engineer James Ciesielski.
Rewind Closes USD $15 Million Series A to Meet Mounting Market Demand for Cloud Data Protection
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Based on the Company’s Exceptional Growth and Proven Market Need, Top Investors Support Its Vision for Comprehensive Protection Across All Major SaaS Products OTTAWA, Ontario (PRWEB) January 19, 2021
Rewind today announced the close of a USD $15 million Series A round of financing led by Inovia Capital. Based on a dramatic spike in businesses’ reliance on cloud applications over the last three years, Rewind has protected the data of more than 80,000 businesses worldwide (including Badgley Mischka, Charmin, Magnolia, Pampers and Paul Mitchel) and grown its revenue by 1,113 percent. Ridge Ventures and Bessemer Venture Partners also participated in the round, which Rewind will use to fuel its continued expansion as it builds out backup-as-a-service (BaaS) support for business-critical SaaS applications.
Ottawa cloud backup startup Rewind raises $19 million CAD Series A
Ottawa-based Rewind has closed a $19 million CAD ($15 million USD) Series A round of financing as it looks to capitalize on and expand its “backup-as-a-service” business.
The almost six-year-old startup has developed a platform that helps businesses backup and restore (if needed) their software-as-a-service (SaaS) and cloud data.
The Series A round represents significant financing for the startup as it looks to grow its customer base within the platforms it currently operates on, like Shopify and BigCommerce, as well as new platforms like Trello.
“Rewind provides solutions that are pivotal to the growth and proper utility of the cloud.”