Lat49 raises $1.5 Million in Series A financing

Posted by Rob Lewis

Vancouver's Lat49 announced today that they have closed a $1.5 Million Series A financing led by PenderFund Capital Management with participation from existing investors including Discovery Capital.

We’ve been very impressed with the rapid adoption of Lat49’s solution by major clients,” says John McEwen, CEO of Discovery Capital. “Contextual advertising - advertising that is driven by location awareness, is the cornerstone of most web and almost all mobile consumer interactions. And Lat49 has emerged as the strong leader in contextual advertising.”

Lat49 provides a major step forward for monetizing the LBS [Location-Based Services] industry,” says David Barr, Chief Investment Officer at Pender and Fund Manager of Pender Growth Fund. “Having experienced the trends in location aware and SaaS [Software as a Service] offerings first-hand, Lat49 has nailed the ability to leverage location for the delivery of highly relevant advertising to Internet users.”

David Roberts, Entrepreneur in Residence at Pender, will join Keith Ippel and John McEwen on the Lat49 Board of Directors.

Company:
Discovery Capital Management Corp
Website:
http://www.discoverycapital.com
Location:
Vancouver, British Columbia, Canada

Established in 1986, Discovery Capital is one of Canada's most experienced technology venture capital firms. Discovery Capital has enhanced value for over 250 early-stage technology companies by providing proven expertise in strategic planning, management development, innovative financing strategies, corporate governance, and positioning for liquidity. more

Company:
Lat49 Media Inc.
Website:
http://www.lat49.com
Location:
Vancouver, British Columbia, Canada

Lat49 was developed by Vancouver-based IDELIX Software Inc., a company that specializes in technologies for visualizing, presenting, and interacting with complex visual information. Having identified a strong market demand for an effective map-based advertising model, the team of visualization and data interaction experts at IDELIX has tackled the challenge of map-based, geographically targeted advertising.... more

Company:
PenderFund Capital Management
Website:
http://www.penderfund.com
Location:
Vancouver, British Columbia, Canada

PenderFund Capital Management is a value-based, forward thinking fund manager with expertise in identifying investment opportunities in undervalued companies with the potential for significant capital appreciation. Pender was founded in 2003 and is currently the Manager of Pender Growth Fund, Pender Corporate Bond Fund and the Pender Small Cap Opportunities Fund. more


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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more



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