BC Refundable Tax Credit offers investors first-ever Cash Back RRSP
Kelowna, BC – BC-based nutraceutical health company SomaLife Consulting has raised an initial $1 million capital investment, led by SomaLife Ventures VCC – a venture capital corporation targeting growth in life science development.
With representation spearheaded by Robson Financial Group, SomaLife Ventures VCC is pioneering a new generation of private investment in an initial capital funding round that will see SomaLife expand its nutraceutical and sports nutrition products and markets.
“Our products are in every locker room across Major League Baseball and in the homes of our families and neighbours,” says Weston Frontin, Chief Operations Officer. “SomaLife is thrilled to be raising this first million in our own backyard and so quickly. It speaks to the confidence our own community has in the next phase of our company’s expansion.”
SomaLife was established in in 1998 in West Kelowna to develop products based on the medical research of the late Dr. Philip A White, a highly regarded family physician and Chief of Staff at Kelowna General Hospital. He was the product creator and co-founder of SomaLife. His patented formula of an easy-to-digest amino acids stack stimulates the pituitary to naturally release human growth hormone in quantities similar to that of people in their mid-twenties. The company’s flagship products, SomaLife’s Youth Formula and gHP Sport, help the body with accelerated recovery, cellular repair and regeneration, more energy and better sleep.
The capital raised will allow SomaLife to expand its product line here and in the United States, and bring a new line of nutrient bars and drinks onto grocery and pharmacy shelves.
Photo: Weston Frontin and Glen Vause show the new energy bars that will join gHP Sport in the sport nutrition market
SomaLife Ventures VCC is qualified as a Venture Capital Company under the BC Small Business Venture Capital Act providing individual taxpayers or corporations the opportunity to receive a 30% tax credit on their 2016 tax return for investments up to $200,000, resulting in a refundable tax credit up to $60,000.
In 2015, the Small Business Venture Capital Tax Credit helped to raise $108 million in early-stage funding for 247 small businesses.
“The venture capital secret is out, and investors from all walks of life across can now participate in these opportunities,” says Senior VP Corporate Finance Glen Vause. “Investors can capitalize in the private equity market with investments starting at $10,000. When you add in the venture capital tax credit, there is tremendous value for our investors. We affectionately call this opportunity the ‘Cash Back RRSP.’”
Vause sees strong performance for Canada’s life science industry. He’s excited about the growth potential of SomaLife Ventures, which is targeting a 7% annual dividend.
Life sciences is currently one of the top sectors attracting venture capital in Canada. Canadian venture capital investing has continued to rise over the last 10 years. Of the $2.3 billion in capital invested in 2015, BC was a top player with $450 million invested.
Robinson Financial Group is holding a free seminar in Kelowna January 14 and January 15 at the Coast Capri Hotel where Glen Vause will share his insiders’ knowledge about private equity investment. Find out more and register for the seminar at cashbackseminars.com.
Canadian Venture Capital 2015 Market Overview
Courtesy: CVCA: Canadian Venture Capital & Private Equity Association