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Government of Canada Announces $50 Million Investment to Support Venture Capital (VC) Funds in Canada
Tuesday, November 6, 2018
Vancouver, BC, November 6, 2018--(T-Net)--The Government of Canada today announced further investments under its Venture Capital Catalyst Initiative (VCCI).
The $50-million investment will support venture capital (VC) funds featuring new and innovative models, provide capital to under-served regions and sectors, and support emerging managers and diverse management teams.
The result is expected to be improved access to capital for innovative early-stage companies
With a strong focus on gender balance and diversity, these VCCI investments will also help promote gender parity in the industry, ensuring more firms owned by women and under-represented groups can access the capital they need to scale and grow—and strengthen the Canadian economy.
The seven fund managers to receive investments in this round of VCCI are:
"Our government is helping small and medium-sized businesses start up, scale up and access new markets. We're doing this by investing in venture capital, which helps transform good ideas into game-changing innovations and create good middle-class jobs for Canadians. Canada's venture capital industry is critical to our economy and is steadily growing. Today's investments will ensure that that growth is inclusive by improving gender balance and access to VC financing in under-served regions and sectors across Canada." said The Honourable Mary Ng, Minister of Small Business and Export Promotion.
"This second round of investments is an important and necessary complement. The seven selected funds represent a broad spectrum of technology sectors, investment models and geographies. They also include a substantial focus on accelerating gender parity in the industry. We look forward to working with fund managers to help them succeed and bring more prosperity to Canada over the long term." stated Michael Denham, President and CEO, BDC.
Quick facts
Associated links
For further information:
Mallory Clyne, Director of Communications, Office of the Minister of Small Business and Export Promotion, 343-291-3553;
Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, ic.mediarelations-mediasrelations.ic@canada.ca
Related Links
http://www.ic.gc.ca/eic/site/icgc.nsf/eng/home
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