Nov, 2001 : RoundHeaven obtains $20 million in venture capital

📅 November 6, 2001 - RoundHeaven Communications Inc. (roundheaven.com), a privately held Vancouver-based managed hosting and outsourcing solutions provider announced today that it has completed a US$ 20 million first round of institutional funding -- one of the largest first round equity investments in recent history in the Canadian high-tech sector -- from M/C Venture Partners(mcventurepartners.com), a Boston, Massachusetts-based venture capital firm. RoundHeaven will use the funding to expand its operations into Eastern Canada, increase national marketing and sales initiatives, and develop new services.

John Ward, a Partner at M/C Venture Partners said, "As a fully-managedhosting service provider, RoundHeaven is well positioned to dominate in anemerging market. We are very familiar with the managed hosting space in theUS and have carefully studied the Canadian market, which offers compellingopportunities over the next three years. We are confident in the people andtechnical expertise behind RoundHeaven, and plan to take an active role inthe future development of the company". Mr. Ward and Russell Pyle, also ofM/C Venture Partners, will be joining RoundHeaven's Board of Directors.
Dickson Au, Executive Vice President, Strategy and Co-founder of RoundHeavenCommunications Inc. said, "The closing of a significant investment by awell-established institutional investor under an adverse economicenvironment is a testament to the strength and viability of our business.Our quality team combined with our solid financial position gives us acompetitive edge in delivering comprehensive outsourced solutions tocustomers nationwide".

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