Shadow UBP Finance Minister Grant Gibbons last week announced the creation of a new company which will provide venture capital funding to e-commerce companies.

Dr. Gibbons, who is also a Gibbons Group director, will operate as the managing partner of the new exempted company called Wired Atlantic Ltd.

And Erik Tiller, a venture capitalist and co-founder of the Ameriscan Group, will take on the role of Wired Atlantic Ltd.'s chairman.

Dr. Gibbons said the company will provide venture capital and management assistance to small technology companies in the early to middle phases of their development.

Wired Atlantic will invest between $500,000 and $2 million in their portfolio companies.

Wired Atlantic is currently investing in two e-health technology companies -- Pharmasoft and LogonHealth -- as well as a Bermuda-based business-to-business e-commerce start-up, AviationX.

The new company has assembled an investment advisory board to assist with its investment strategy.

Board members include Bermuda Stock Exchange CEO William Woods and AOL/Netscape principal Jay Sikkeland.

Shadow Finance Minister Grant Gibbons