KELOWNA – 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.
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.
The capital raised will allow SomaLife to expand its product line locally and in the United States, and bring a new line of nutrient bars and drinks onto grocery and pharmacy shelves.
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.