CIBC has launched a new full-service business in an effort to better serve the Canadian tech sector.
CIBC Innovation Banking will provide advisory expertise and financing solutions to companies at all stages, and clients will be able to take advantage of cash management, deposit, personal wealth and capital markets services.
To support CIBC Innovation Banking, the bank announced that it has acquired the loan assets of Wellington Financial Fund V LP. Wellington Financial will join the CIBC Innovation Banking business, and Wellington Financial CEO and president Mark McQueen will act as president and executive managing director of CIBC Innovation Banking. On the website, Wellington Financial says McQueen led the firm’s growth from its inception as a $7 million fund in 2000 to its current $900 million investment program, or $300 million fund size.
“CIBC shares our razor-sharp focus on what is now a core sector of the North American economy,” said McQueen. “We are excited to join the team and look forward to continuing to serve the needs of entrepreneurs and venture capital funds with a broad range of capital solutions to grow their businesses and compete in a dynamic industry. CIBC represents the perfect partner for our team and the tech ecosystem as a whole.”
Founded in 2000, Wellington Financial is based in Toronto with a Menlo Park, and has targeted early and mid-stage technology companies. The firm has backed companies in Canada and the US across five different institutionally-backed funds.
“Developing, growing and implementing new technology is critical to driving the innovation economy. At CIBC, we are embracing the opportunity to help early and mid-stage technology companies compete and accelerate growth in this fast-evolving and growing sector,” said Roman Dubczak, managing director and head of global investment banking at CIBC. “We’re committed to becoming one of North America’s leading client-focused banks in the innovation ecosystem.”
