Cold Bore investment from bp ventures and CBGF
Deal Synopsis
The company received $14 million of growth capital from bp ventures and Canadian Business Growth Fund (CBGF) in July 2021. See the Press Release.
Company Details
Cold Bore is a leader in frac completions automation technology with a centralized digital platform called SmartPAD. SmartPAD is an end-to-end, fully integrated software and hardware platform designed to collect, analyze, and report data which would otherwise be underutilized. Better utilization of this data unlocks operators’ ability to make step-change improvements across all key performance indicators and acts as a key enabler for keeping workers safe and meeting heightened ESG commitments.
Investor Details
bp ventures was set up to identify and invest in private, high growth, game-changing technology companies, accelerating innovation across the entire energy spectrum and has invested almost $700 million in technology companies across more than 31 active investments with more than 250 co-investors. bp ventures focuses on connecting and growing new energy businesses.
Launched in 2018, the Canadian Business Growth Fund (CBGF) provides long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses in Canada with investments between $3 and $20 million. An evergreen investment fund with capital commitments of $545 million from Canadian financial institutions, CBGF is committed to long-term partnerships with the companies it invests in.