Castek Secures Class C Venture Financing

In July 12 2002, Toronto-headquartered Castek Inc. completed a third round of external equity funding, raising approximately $33.8 million, one of the largest venture capital financings completed in Canada this year. Castek specializes in the creation of strategic business software for the property and casualty insurance industry.

The financing was led by Technology Crossover Ventures (TCV) of Palo Alto, California. Other investors included p3 Technology Partners and Covington Capital’s TRIAX Fund. CIBC World Markets Inc. acted as agent on the financing.

Castek was represented by McCarthy Tétrault LLP, with a team that included Christopher Hoffmann, W. Ian Palm, Lori Anne Heckbert and Kenneth Landa (business) and James Morand (tax), and by Testa, Hurwitz and Thibault, LLP with a team that included Kenneth Gordon. Antonio Gomes provided U.S. legal advice to Castek.

TCV was represented in Canada by Jeff Trossman and Michael Gans of Blake, Cassels & Graydon LLP, and in the U.S. by Eric Palace and Theresa Ou of Gunderson Dettmer. p3 and Covington were represented by Adam Balinsky of Baker & McKenzie.