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Government of Canada Announces $50 Million Investment in Venture Capital for Canadian Clean Tech Companies
Tuesday, January 29, 2019
Vancouver, BC, January 29, 2019--(T-Net)--The Government of Canada announced today that it is investing $50 million in venture capital for Canadian clean technology companies through the new Clean Technology Stream of the Venture Capital Catalyst Initiative (VCCI), to advance Canada's climate change goals and help Canada's clean technology firms grow.
The Government of Canada has invested $350 million in Canada's growing venture capital ecosystem in VCCI Stream 1 and an additional $50 million in VCCI Stream 2 to increase regional, sectoral and gender diversity in venture capital, and is now investing $50 million in VCCI Stream 3 for clean tech companies.
The Government of Canada's investments are matched by the private sector and will contribute up to $1.5 billion to Canada's economy and support up to 30,000 jobs in emerging sectors, according to the Government.
Applicants are invited to submit an application by March 1, 2019. To promote an inclusive economy and improve gender balance in venture capital, each applicant will require a gender diversity strategy. Promoting gender diversity in venture capital is an objective of all three streams.
This investment, administered through BDC, responds to the advice of the Clean Technology Economic Strategy Table and complements the Pan-Canadian Framework on Clean Growth and Climate Change as well Canada's Innovation and Skills Plan.
"Canada is a world leader in clean technology. That's why our government is investing $50 million in late-stage venture capital to help Canada's best small and medium-sized businesses working in clean technology scale into innovative global champions. This investment complements our government's unprecedented $2.3-billion investment in clean technology and will promote Canada's growing venture capital ecosystem." said Mary Ng, Minister of Small Business and Export Promotion.
"BDC is committed to helping build globally competitive clean tech firms at all stages of development, and BDC Capital, our investment arm, is a long-time investor in this space. Through our Industrial, Clean and Energy (ICE) Technology Venture Fund and our Cleantech Practice, we help innovative clean tech firms meet the capital-intensive needs of scaling and achieving timely growth to succeed on the global stage. We look forward to having more and better-capitalized co-investors in this space via the VCCI Stream 3 investments" stated Michael Denham, President and CEO, BDC.
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