It was a busy year at Borealis Ventures, so we are all looking forward to some much anticipated down time as we transition into the new year. We hope you enjoy this final 2007 Borealis Brief, and from all of us at Borealis Ventures we wish you a happy and healthy holiday season, and a prosperous 2008!

Borealis Ventures is pleased to announce its recent investment in Makeover Solutions, a New York based company dedicated to powering online beauty communities for women. Other investors in the $7 Million Series A round include Village Ventures and Rho Canada.

Makeover Solutions, Inc, formerly Approach Infinity Media Corporation (Ai-Media), a Toronto-based business, has spent the past several years focused on building 'best in class' technology that permits women to "try on" hair styles, cosmetics and accessories in virtual, on-line makeover sessions. In addition to its flagship website, www.makeov ersolutions.com, the company has built long-standing relationships with major publishers and cosmetic brands to establish themselves as leaders in color simulation technology. The proceeds of this equity financing will be used to support Makeover Solutions' corporate development initiatives, including the acquisition of Approach Infinity Media Corporation, its customer base and technology, as well as expand the company's market presence and continue securing strategic partnerships to accelerate the growth of the business.

"We have taken great care to design unique try-on technology that can serve the beauty industry, as well as deliver a compelling consumer brand. We wanted to find partners that would invest in building a premier vertical community and to take our business partnerships to the next level," said Alvin Chan, Co-Founder of AI Media. "We believe we have found the perfect investor group to help us get the job done."

Online media veteran Jeanette McClennan has joined Makeover Solutions as CEO. An early leader at Mapquest, Jeanette brings tremendous experience in getting early-stage online ventures off of the ground. She has already worked closely with the Makeover Solutions team to finalize a critical relationship with iVillage, the leading media property serving women online.

"Borealis could not be more pleased with our recent investment in Makeover Solutions," Borealis Managing Director Matt Rightmire said. "A great team developing world-class technology serving one of the few remaining high-growth online advertising markets makes us excited to actively contribute to the next phase for the company."

Innovative life science technologies offer tremendous potential to improve human health. Borealis has taken an active role in helping to commercialize such technologies through our investments in Avedro, Bar Harbor Bio, GlycoFi, and M2S. But wanting to do more in the fight against cancer, Borealis is also proud to support the annual Prouty Century Bike Ride and Challenge. Now in its 26th year, the Prouty raises funding for vital research work at Dartmouth Hitchcock Medical Center's renown Norris Cotton Cancer. This past year, Borealis was pleased to provide financial support as a Silver Wheel sponsor, but we also put some (aching) muscle to the effort by fielding Team Borealis, which biked through the beautiful NH and VT landscape to raise additional donations. All told, the 2007 Prouty involved over 3,500 participants and raised over $1.7 million.

We look forward to participating again next year and hope that you will join us in this important endeavor. Please reserve July 12, 2008 on your calendar and look for more Prouty info in the months to come. You can also email meagan@ borealisventures.com to sign up now for the '08 team.