Canadian OpenText (NASDAQ: OTEX, TSX: OTC), a provider of Enterprise Information Management (EIM) solutions, has sponsored a newly created vc fund of funds and launched a $100m a direct vc fund.
The first will invest in venture capital fund managers across Canada to seed innovation. The latter (OpenText Enterprise Applications Venture Fund) is expected to close in the next six months to inject funding directly into creative app development.
The second fund followed the launch, in November, 2013, of OpenText’s HTML5 AppWorks developer platform (OpenText AppWorks) to accelerate the time to market for enterprise-grade applications.
The company will be a minority investor in each fund.