Launchworks raises $32 million from US and Canadian investors

Software incubator Launchworks Inc has completed a $32-million round of financing and plans to go public within the next few months. The Calgary-based firm has also recently opened offices in Toronto and Vancouver and is incubating eight companies. Participating in the latest round of financing is Chicago-based venture capital firm, divine interVentures (a 31% owner of Launchworks), Thomson Kernaghan & Co, Nesbitt Burns Inc and Yorkton Securities Inc. These firms will be able to provide incubating firms with second and third rounds of financing as well as take firms through public offerings and mergers. The cash infusion will allow Launchworks to accelerate its strategy of providing necessary resources for entrepreneurs seeking to commercialize their intellectual property. Launchworks also has a website (www.launchworks.com) which provides information about the launch capital process used by the firm....