British Columbia Discovery Fund (VCC) Inc. announced today that it has invested $1.5 Million into MovieSet as part of a $5 million financing. The first tranche of the $5 Million was led by Rho Canada - the Canadian venture arm of Rho Capital Partners of New York. In connection with this investment, Charles Cook of Discovery Capital Management Corp., the manager of the Fund, has been appointed to the board of directors of MovieSet.
"BC Discovery Fund is excited to be making its first investment in a Web 2.0 business. MovieSet has created a unique interactive social networking environment for the film industry and its fans," said Charles Cook, Investment Manager of the Fund. "We expect that MovieSet can capture a substantial audience of unique visitors, enabling the Company to capitalize on the interest, and positive investment outcomes, that other successful social networking websites have generated."
With this investment in MovieSet, the BC Discovery Fund has made investments totaling $9.3 million so far in 2008.