A $15-million injection into a U.S. company’s Victoria arm signals that the city’s high-tech industry can still attract much-needed venture capital, says a leading expert in the local tech sector. It also emphasizes the fact that even amid a major credit crunch in the U.S., there is always money for new ideas and top talent.
The San Francisco-based social web browser Flock has secured $15 million in venture funding led by U.S. powerhouse Fidelity Ventures. Most of that money will go to Flock North, the company’s research and development branch in Victoria, as it hires new engineers to continue innovative research and development, said Flock’s vice-president of engineering Clayton Stark.