OMERS to Launch Venture Capital Arm
The Ontario Municipal Employees Retirement System (OMERS) is planning to launch a venture capital arm. It will be called OMERS Ventures. Already the group has made their initial venture capital investment in WaveAccounting.com, a Toronto-based firm that offers online accounting applications for small business.
According to the OMERS press release, “As a lifecycle investor, OMERS Ventures investments could range anywhere from an initial seed round investment ($500,000 to $2 million), to a larger growth capital round (up to $30 million).”
OMERS plans to invest $180 million over the next three years through this VC group. Being a long-term governmental investor OMERS could possibly outdo traditional venture capital investors by being patient and tolerant with tech companies through product lifecycles.
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