New $35-million Ottawa VC fund launched

Mistral Venture Partners, a new $35-million venture capital fund, has been launched in the Ottawa area by an ex-pat Canadian who returned to the capital from Silicon Valley to kick-start the initiative. Code Cubitt, formerly with Ciena Ventures and Motorola Ventures, is seeking to attract the participation of wealthy Ottawa investors who traditionally have shied away from high-tech. The first investment is anticipated by the end of the year and the fund is expected to support 15 to 20 early-stage companies. Cubitt's decision to come to Ottawa was prompted by Invest Ottawa president and CEO Bruce Lazenby, who took over leadership of the Ottawa Centre for Regional Innovation (OCRI) as it was morphing into Invest Ottawa. Cubitt is also a partner in Forte Ventures LP, which launched in January/12….