Today, Vancouver’s LX Ventures announced its acquisition of Vancouver startup Weeve Ventures Inc. for an undisclosed sum. According to LX Ventures’ COO Ray Walia (and Launch Academy Executive Director and Co-Founder), “Weeve’s crowdfunding technology is a natural fit for our FinTech market vertical. Together, we will internally innovate and deliver revolutionary funding solutions across multiple market sectors.”
Since its launch in July 2012 as a tool for non-profits to raise funds via socially connected, tech savvy investors, Weeve proved itself as a startup to watch with press coverage from Digital Journal, TechCrunch, Techvibes, and The Huffington Post. Weeve CEO and Co-Founder Alex Chuang proved himself to not only be a talented entrepreneur, but also an indispensable asset. Named as Program Director for Launch Academy, Chuang has been busy not only building his own startup but also assisting in the mentorship process of new arrivals to the Launch Academy family.
Joining in the acquisition celebrations are fellow Weeve co-founders Trevor Loke (COO) and Vincent Chu (CTO). The LX Ventures acquisition is no small feat. Headed by President and CEO Mike Edwards (Initio Group, GrowLab, AreaConnect), the LX board is a virtual who’s who of the Vancouver investment community. Along with Edwards and Walia, LX Ventures includes Director and Executive Chairman Keir Reynolds (Mammoth Market Advisory), CFO Kevin Rathburn (Newstrike Capital/Watershed Capital Partners), Director Derek Lew (Initio Group), and Director Brady Fletcher (Sea to Sky Equities). LX Ventures’ focus is on bringing together Canadian tech, investment, legal, and financial entrepreneurs in order to capitalize on early stage growth. LX Ventures’ launch/integrate/acquire strategy seems to be working. Weeve’s fellow GrowLab 2012 participant Skyscraper (financially backed by LX Ventures also), completed a $500,000 seed round raise in December 2012. For a startup launched less than a year ago, Weeve (and Skyscraper) have proven themselves to be on the fast track for startup success. “Our world is moving towards a more democratic future where voices can be heard and dreams can be fulfilled. Weeve still stands by this belief and LX Ventures is here to make it come true.” – Alex Chuang, Weeve Ventures Inc.
The future is most certainly looking bright for the Weeve team, not to mention Launch Academy and GrowLab. Could be there is something in the water in Vancouver, or it could just be that Vancouver’s beauty is the perfect breeding ground for startup success stories. GrowLab’s Winter 2012 cohort will be graduating next week. Demo Day is set for February 20th at Vancouver’s District 319 (sold out). Top investors (including attendees from Founder Fuel and HyperDrive), entrepreneurs, and technology journalists will be on hand to watch the latest flock of GrowLab grads get their wings. Based upon the success of last year’s flock, this year’s grads just might want to be prepared for the accolades that will potentially come their way. The startup and investment scene in Vancouver is booming; Weeve’s acquisition by LX Ventures is only the tip of the proverbial investment iceberg.
Source: Digital Journal – Eleanor Wall