According to Techvibes' Joey Czikk in an article special to the Financial Post, Toronto's Extreme Venture Partners (EVP) will not be raising a new fund.
Founded in 2009, EVP focuses on providing early stage venture capital and management expertise to startup businesses to help propel them into the big leagues. EVP co-invested $7 million into Extreme Startups in 2012, a fund dedicated to high-risk, high-reward Internet startup investments.
Czikk speculates that the decision to close EVP stems from personnel changes.
Sources in the industry would not speculate about the reasons behind the apparent turn of events. If the money was on the table it’s strange that the venture capital firm couldn’t raise a new fund. One anonymous Canadian angel investor said the decision revolved around “personnel change.” Extreme Venture Partners could not be reached for comment.