Venture Capitalist Pays $20 Million of His Own Money to Buy Canada's Xtreme Labs

Posted by Techvibes NewsDesk

Venture capitalist Chamath Palihapitiya has committed $20 million of his own personal money to acquire a majority stake in Toronto-based mobile development shop Xtreme Labs, according to AllThingsD.

Chamath told Liz Gannes that the deal makes sense "in light of the current scarcity of good mobile developers." The VC has put $6 million into the company upfront. He has committed a total of $20 million over three years.

Mr. Palihapitiya knew Xtreme cofounder and CEO Amar Varma from university in Canda. Xtreme has built mobile apps for Microsoft, Groupon, and others.

Chamath, founder of the $275 million Social+Capital Partnership fund, believes that Canada may be the perfect place for budding entrepreneurs to grow up.

Company:
Xtreme Labs
Website:
http://www.xtremelabs.com
Location:
Toronto, Ontario, Canada

Located in Toronto, Palo Alto, and New York City, Xtreme Labs leads the world’s biggest brands in creating award-winning mobile products. Xtreme Labs’ expertise in mobile spans both the consumer and enterprise industries, providing a wide range of solutions for mobile, tablet, TV, mobile web, connected devices and more. All projects are handled in-house by a talented team of engineers, designers, product managers,... more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



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