Brightspark has opened up its platform to include accredited investors through wealth management firms.
Brightspark said that by making its platform accessible to Canadian wealth management firms, thousands of accredited investors will have the opportunity to invest funds from their existing portfolios in a previously inacessible asset class.
Richardson GMP is the first wealth management firm to be accepted into the platform. The firm is based in Toronto with offices across Canada.
“Richardson GMP is the first wealth management firm to provide its clients with access to the VC asset class through our managed model, which bridges the gap between traditional wealth management and accessible venture capital via our new online investor platform,” said Mark Skapinker, Managing Partner at Brightspark. “Having one of Canada’s largest and most respected wealth management firms recognize the value we deliver to their clients is a tremendous validator of both our model and our vision.”
According to the Capgemini World Wealth Report, there are 356,900 high net worth individuals (defined as those with at least $1 million in investable assets) in Canada, many of which have their investments managed through wealth management firms.
“We are always looking for new approaches as well as access to new market segments that bring innovative investments to our clients’ investment portfolios,” said James Price, Director, Investment Services and Capital Markets at Richardson GMP. “With Brightspark’s deep diligence and expertise, our clients’ investment portfolios can now benefit from the venture capital asset class and Canada’s growing innovation economy.”
Launched in 1999, Brightspark sources early-stage tech deals for accredited investors, who can choose the companies that interest them and make individual investments starting at $10,000. In December 2017, it closed $6 million from Kensington Capital Partners as it looks to grow its team across Canada.
Portfolio companies that have received investments from Brightspark under the firm’s new funding model include Hubba, Nudge Rewards, CrowdCare, Classcraft, gShift, nGUVU, AdHawk, and NanoMagnetics.
Photo via PE Hub Canada