Two years ago, much was made of the lunch of a Canadian affiliate of Guy Kawasaki’s Garage Technology Ventures. Tom Sweeney (formerly of Bluetooth start-up Classwave Wireless) and Louis Desmarais (ex-Skypoint Capital) tagged to lead the fund, and spent the next 12 months or so marketing the heck out of the brand. A few investments were made – Group IV in Ottawa, Thermoceramix, Inscape, Lure Media. Then, about six months or so passed with a continuing silence.
Now, the Garage Canada web site is down, there is no reference to the affiliate on Garage’s US site (although Tom used to be listed as an advisor) and there comes news that some of the former fund staffers are forming a new entity St Lawrence Capital (no website yet). What happened to the portfolio, and the undeployed capital contributed by Quebec LPs like Caisse and Soldiarity Fund QFL?
Garage Technology Ventures Canada launched with much fanfare (and up to $100 Million) back in April of 2006. Two and a half years later and the fanfare has been repaced with a “We’ll be back soon…” page. Any insight out there?