Peterborough Region Angel Network Receives First Successful NASDAQ Exit by Invested Company Rainmaker Worldwide
Local company Rainmaker Worldwide and a graduate of the Innovation Cluster has announced its potential acquisition by Sphere 3D a NASDAQ traded company under the symbol of ANY. This acquisition for approximately 250 million Canadian dollars in a stock swap transaction will ensure a successful exit of members of the Peterborough Region Angel Network (PRAN). The full press release can be viewed here: http://rainmakerww.com/2020/
Successful exits are usually made at the six year mark. The Peterborough Region Angel Network has invested over $2M in Rainmaker since 2015, putting the exit just short of that time frame.
Local Peterborough businessmen Michael Skinner and Michael O’Connor have worked together to grow this international company with strong Peterborough roots.
“As the CEO of Rainmaker, it has been my objective to identify the right opportunity to scale our water as a service strategy. This merger will provide additional access to capital markets and a global platform to tell our story as Rainmaker transitions from R&D to commercialization. We are pleased that the board of Sphere 3D recognized that Rainmaker’s large market opportunity and attractive business model fit with its own strategic imperatives.” says Michael Skinner.
“This is a tremendous success not only for Rainmaker, but the Peterborough community that has supported and invested in the company since day one,” says John Gillis, President of the Innovation Cluster. “Rainmaker is a key example of how local startups have the potential to grow and create worldwide solutions when given support.”
PRAN looks to invest specifically in companies in the technology sector.
“Innovative technology companies are what the Peterborough Region Angel Network looks to invest in,” says Yves Lafortune, Executive Director of PRAN. “With over forty local investors, we combine our wealth of knowledge and experience to collaborate and invest in early-stage growth companies.”
The Peterborough Region Angel Network has particular areas of focus for investment including: information and communication technology (ICT), medical technology, green technology (cleantech), biotechnology and life-sciences.
“A local angel network is essential for a startup community to prosper,” notes Lafortune. “It is exciting to see the Peterborough Region Angel Network have their first exit with Rainmaker Worldwide, which will give our investors the confidence to continue to support other startups in the region.”
An angel investor provides capital for startups generally in the initial stages of building their business when many other financial institutions aren’t able to support them in their early stages.