Media Release- July, 2010 (Kelowna, BC)
Okanagan Innovation Fund holds 5th Annual General Meeting and Announces update on the Fund
The Board of Directors of the Okanagan Innovation Fund (OIF) recently hosted their fifth Annual General Meeting at the Kelowna Golf and Country Club. Launched in April of 2005, OIF was the first Private Equity Fund located and focused on the Okanagan. The fund raised a total $3.36 million in capital.
The OIF Board is pleased to report to both its shareholders and the community at large a summary of the fund’s activities over the past 5 years:
§ OIF has closed a total of 25 investments since inception.
§ Our portfolio companies have received over $4.25 million from OIF which in turn has helped these companies raise an additional $51 million in capital from other sources.
§ Over 200 people are now employed by the companies that have received capital from OIF.
§ The fund currently has 9 companies in our portfolio (please see our website www.oifund.ca for a complete list).
§ The fund has provided mentorship and governance to our investee companies through Board representation on 6 of our companies and by advisory roles on another 2 companies
§ The fund has used a combination of debt and equity to suit the needs of our portfolio companies.
§ All portfolio companies with one exception are based and head quartered in the Okanagan.
“The 56 of our citizens who have invested in OIF alongside the Prospera Credit Union have demonstrated their commitment to stimulate activity in our local business sector”, said Bill Redmond, OIF Chairman of the Board. “Many of our investee companies could not have gone forward without the funding from OIF and/or funding from other sources that was influenced by OIF. The OIF business model is a testament to the remarkable teamwork and synergies between many of our successful business leaders and the creative entrepreneurs who are driving the economy with their emerging technologies and start-up businesses.” | 
