St. John’s-based adfinitum Networks Inc. closed a $542,000 investment round today, the funds come from GrowthWorks Atlantic Venture Fund and the Research & Development Corporation (RDC), a Crown corporation of the Government of Newfoundland and Labrador. Of the total investment, $350,000 is an equity investment from the GrowthWorks Atlantic Venture Fund and $192,000 is a research and development (R&D) project investment from RDC. Today’s support brings the Provincial Government’s total investment in adfinitum Networks to $522,000.
“Access to capital is critical for small businesses as they undertake product development, marketing activities, and ultimately expand their operations,” said the Honourable Keith Hutchings, Minister of Innovation, Business and Rural Development and Minister Responsible for RDC. “To assist small businesses like adfinitum Networks, it is important to bridge that gap and assist businesses address their immediate needs and position them for success over the long-term. The involvement of GrowthWorks in this endeavour is even more exciting as venture capital-backed companies have greater opportunities for business success.”
The funds will be used to help further the growth of their marketing analytics tool.