Build Ventures, the Atlantic Canadian venture capital fund, is receiving a $10 million contribution from the New Brunswick government for its second fund, bringing the total so far to $25 million.

Headed by Patrick Keefe and Rob Barbara, the Halifax-based VC group began five years ago with a $65 million fund, which has invested in 14 companies. Its principals are now raising money for their second fund, with the goal of closing a fund of a similar size. Earlier this year, it received a $15 million commitment from the government of Nova Scotia, and has now received $10 million from Opportunities New Brunswick.

Headquartered in Halifax, Build Ventures invests in companies that are early stage yet have an established business model, a solid team, a large target market, are generating revenue and now need ramp-up capital. Investments are generally between $1 million and $5 million for each venture.

“Our province has a thriving startup community and our entrepreneurs play a critical role in growing New Brunswick’s economy and creating jobs,” said Economic Development Minister Francine Landry in a statement from the New Brunswick government. 

The first Build fund received $15 million from both Nova Scotia and New Brunswick, as well as contributions from Newfoundland and Labrador, Prince Edward Island, the Business Development Bank of Canada, Technology Venture Corp. and a few private investors.

The difference now is that Barbara and Keefe have a track record of investment to show potential backers, and several of their portfolio companies have closed multi-million-dollar rounds after Build invested. These include Affinio and Manifold of Halifax and Resson and Introhive of Fredericton.

“Access to early-stage capital is vital for New Brunswick’s startup community, and we are grateful that the Province of New Brunswick has joined with other public and private sector partners to support the next wave of startups by participating in Build Ventures Fund II,” said Barbara in the statement.

Build Ventures’ Fund I invested in five New Brunswick companies, supporting the creation of 169 jobs in the province, said the statement.

“Support from Build Ventures has been an important part of our success,” said Resson CEO Jeff Grammar. “They were with us in the early days and they have provided more than capital, offering advice and helping us make connections to other investors, partners and customers. A second Build Ventures fund is great news for New Brunswick. They are vital to the continued development of the province’s startup companies.”

Disclosure: Build Ventures and Opportunities NB are clients of Entrevestor.