OpenText launches $100 mln fund to invest in creative app development
Open Text Corp (NASDAQ: OTEX; TSX: OTC) has launched a $100 million venture capital fund focused on investing directly in entrepreneurs engaged in creative business application development. The OpenText Enterprise Applications Venture Fund, which is expected to close within the next six months, was announced concurrently with the initial close of the $300 million Northleaf Venture Catalyst Fund, a venture fund-of-funds backed by the Canadian and Ontario governments, and to which Open Text has also made a capital commitment. The company said that its new Enterprise Application Venture Fund builds on its AppWorks developer platform, established in Nov. 2013. Based in Waterloo, Ontario, Open Text is an enterprise information management and software company.
