Today's News

Vancouver, BC, June 6, 2019--(T-Net)--The Government of Canada, today announced a new $50-million investment and the successful recipients of further investment under its Venture Capital Catalyst Initiative (VCCI) that are intended to support investments in Canada's clean tech industry.

The $50-million investment will go to Vancouver-based Renewal Funds, Cycle Capital Management and ArcTern Ventures to enable them to increase their support of Canada's high-potential clean technology companies.

These three funds, headquartered across Canada, are dedicated to supporting companies committed to positive environmental impact through innovation.

The clean technology investment through VCCI complements the Government of Canada's $2.3 billion investment in Canadian clean technology as well as Canada's plan to combat climate change and propel clean growth.

Each venture capital fund that receives investment under VCCI is required to have a gender strategy to promote women and diversity in venture capital.

Clean technology is a high-growth industry in which Canada is emerging as a global leader.

The Government of Canada has also previously provided $400 million, through the Business Development Bank of Canada, in the Venture Capital Catalyst Initiative (VCCI). The investment is leveraging private sector capital and will result in an injection of about $1.5 billion into Canada's venture capital ecosystem, according to the government.

"Canada is a world leader in clean technology. Our government is investing $50 million in critical 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 historic $2.3 billion investment in clean technology and will further support our rapidly growing venture capital ecosystem." said The Honourable Mary Ng, Minister of Small Business and Export Promotion.

Quick facts

• By investing alongside the private sector, VCCI is expected to inject around $1.5 billion into Canada's innovation capital market.
• In 2018, Canada's venture capital industry invested $3.7 billion over 610 deals, with a record 15 megadeals.
• The Government of Canada is investing $2.3 billion in clean technology.
• In 2017, Canada ranked fourth in the Global Cleantech Innovation Index.

http://www.ic.gc.ca/eic/site/icgc.nsf/eng/home