April 11, 2007
Toronto, Ontario – GrowthWorks Commercialization Fund announced today that it recently completed an investment in Toronto software company, Octopz Inc., which offers an advanced, on-demand online collaboration software platform to business users. The funding will be used to build on the company’s technology and expand sales and marketing initiatives.

“The Octopz team has developed an extremely compelling collaboration platform that we believe has significant potential to facilitate business around the world,” said Les Lyall, Senior Vice President of GrowthWorks. “Our investment in the Octopz team further demonstrates our commitment to funding the development of seed stage technology companies, and working with partners such as the MaRS Discovery District to support commercialization in Ontario.”

Octopz enables people to work – in real time or asynchronously – with customers, colleagues and suppliers around the world. The result is increased productivity through improved decision making and enhanced speed-to-market.

“We are delighted to partner with GrowthWorks and to have their commitment, support and expertise as we take Octopz out of the R&D phase and into the marketplace,” said Barry Fogarty, CEO of Octopz Inc. “We’re all extremely pleased with the positive response Octopz has received from our partners and pilot users – including some of the leading retail organizations in Canada.”

Headquartered at the MaRS Discovery District, a convergence innovation centre based in Toronto, Octopz is the one of the first companies at MaRS to receive venture funding. “MaRS is proud to work with emerging companies like Octopz which has the capability to compete at a global level,” said Dr. Ilse Treurnicht, CEO of the MaRS Discovery District. “This round of funding is an important milestone that will position the company for continued success.”