Submitted by: Renewal2 Investment Fund
Posted: Nov 20, 2012 – 01:39 PM EST
VANCOUVER, B.C., Nov. 20 /CSRwire/ - Renewal2 Fund and Investeco Capital are announcing an investment in Ontario-based Miovision Technologies, which develops intelligent technology solutions to address the environmental and infrastructure challenges facing today’s global transportation networks.
Investeco Capital, a Toronto-based environmental venture capital fund manager and Renewal2, a Vancouver-based early-stage impact investment fund focused on businesses dedicated to social and environmental innovation, have each invested $1 million as part of a larger syndicate in Miovision’s subordinated debt financing. Investeco introduced Miovision to Renewal2 and has investments now totaling $2 million in the company.
Miovision was founded in 2005 to develop technology solutions to reduce traffic congestion, minimize environmental impacts of inefficient transportation flow and improve the overall safety of roads. The financing will be used to launch a new product in 2013 that will improve traffic efficiency, thereby minimizing fuel consumption and the amount of idling time.
“Early stage impact investing is about identifying top notch management teams that are creating scalable, measurable and sustainable positive change in the world,” said Paul Richardson, President of Renewal2, “Miovision has that compelling combination and we are excited to support their growth.”
Miovision’s technology will enable cities to make educated strategic planning decisions to become municipal leaders of environmental change.
"Miovision is one of those very rare companies that you dream about as an investor. Not only do they have a terrific technology offering in a large and growing market, but perhaps more remarkable is management’s laser-like focus on driving best operating practices through their company,” said Andrew Heintzman, President of Investeco Capital. “We are delighted to be part of Miovision and to share in their success."
“Miovision’s products and services are used by cities and municipalities across Canada and around the globe to improve traffic network efficiency and foster environmental sustainability,” said Kurtis McBride, CEO and co-founder of Miovision. “We’re grateful to Renewal2 and Investeco for their commitment to our vision, and for their investment, which will help Miovision to continue innovating solutions that reduce traffic congestion and carbon emissions, and support municipal leaders and drivers in adopting green technologies.”
For more information about Miovision, visit www.miovision.com.
Renewal2 is a $35-milllion early-stage impact fund based in Vancouver, B.C. Renewal2 is dedicated to delivering financial returns by investing in leading environmental and social mission businesses in Canada and the U.S. For more information on Renewal2 and its portfolio, visit www.renewal2.ca.
Investeco is Canada’s first environmental investment company. By investing in expansion stage companies in high growth sectors like renewable energy, water, sustainable agriculture, and clean technologies, Investeco taps into the growing demand for environmentally superior products and services. Investeco currently manages more than $40 million for over 100 accredited investors. For more information, visit www.investeco.com.
Disclaimer: This is not an offer or solicitation to sell securities of, or financial interests in any Fund managed by Renewal2 or Investeco. All such Funds are limited to a restricted pool of investors, namely “Accredited Investors” and others not requiring disclosure by prospectus as defined under applicable securities laws.