The Toronto-based company’s new fund will back early-stage firms focused on toys, entertainment and digital games. Spin Master Ventures has made two investments so far: leading a $3-million round in Winnipeg-based online-tutoring firm Hoot Reading, and an undisclosed amount in Stockholm-based mobile-game developer Nørdlight Games. (The Logic)
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The Toronto-based company’s new fund will back early-stage firms focused on toys, entertainment and digital games. Spin Master Ventures has made two investments so far: leading a $3-million round in Winnipeg-based online-tutoring firm Hoot Reading, and an undisclosed amount in Stockholm-based mobile-game developer Nørdlight Games. (The Logic)
Talking point: Spin Master joins the small but growing slate of Canadian corporates wading into venture capital. In 2019, the Weston family established Wittington Ventures to invest in tech startups in commerce and health care; BlackBerry launched its Ivy Innovation Fund in March; and Shopify has made a string of investments in tech startups over the past year. The growing interest in VC coincides with soaring valuations for private tech firms. Chair Ronnen Harary said Spin Master created the venture fund after being priced out of several acquisition opportunities.
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