GrowthWorks Atlantic Venture Fund invests $1 million in ClearRisk

GrowthWorks Atlantic Venture Fund has made a $1-million investment in ClearRisk Inc., which provides Web-based risk management solutions for the insurance industry and small to medium size enterprises.
Based in Newfoundland and Labrador, ClearRisk will use proceeds from the financing to ramp up their sales initiatives.
“We are extremely pleased to be investing $1-million in ClearRisk Inc., a company we believe has significant growth potential with a unique product offering and strong management team,” said Thomas J. Hayes, President and CEO of GrowthWorks Atlantic Venture Fund. “ClearRisk is an important addition to our investment portfolio of companies and confirms our confidence in the opportunities provided to our Fund by the strong economy of Newfoundland and Labrador.”
“ClearRisk is delighted to be partnering with GrowthWorks,” said Craig Rowe, president and CEO of ClearRisk. “We have an established product that is embraced by the market, and an excellent team, but current demand is starting to outpace our capacity.
“With this capital we will be well positioned to pursue significant growth.”
The provincial government provided the company with $420,000 in 2009 and over the years has supported the company on trade missions to the United States.
“ClearRisk is an exciting young company that has steadily expanded from a start-up to an enterprise that is making in-roads into such markets as New England, Chicago, and the Southeastern United States,” said the Honourable Susan Sullivan, Newfoundland and Labrador Minister of Innovation, Trade, and Rural Development. “With this important injection of venture capital funding, ClearRisk is increasing its ability to take the next step and build on the progress that it has made in a few short years.”