Canadian Government Announces $50 Million Investment Across Four Venture Capital Funds

Posted by Knowlton Thomas

Today the federal government announced a $50 million investment to help startups access capital.

The Honourable Jim Flaherty, Minister of Finance, says that this investment is the next step in implementing the Harper Government’s Venture Capital Action Plan, or VCAP, "to help create a vibrant private sector-led venture capital system in Canada."

According to Flaherty, VCAP includes a commitment by the government to invest in high-performing venture capital funds with a substantial presence in Canada. Through a "fair and competitive selection process that included a comprehensive evaluation," an expert panel selected four funds that have "demonstrated strong investment performance and are aligned with the objectives of the VCAP."

These investments are:

• a $15-million investment in Summerhill Ventures II, a fund focused on investment opportunities in the information and communication technologies sector;

• a $15-million investment in CTI Life Sciences Fund II, a fund focused on investment opportunities in the life sciences sector;

• a $10-million investment in Real Ventures Fund III, a fund focused on investment opportunities in the information and communication technologies sector; and,

• a $10-million investment in Lumira Capital II, a fund focused on investment opportunities in the life sciences sector.

“Canada’s long-term economic success in an increasingly competitive, knowledge-based economy will depend, in large measure, on the ability of our dynamic innovative firms to grow into global leaders that invest and create high-quality jobs,” said Minister Flaherty. “Today’s investment will help ensure that Canada’s promising start-up businesses have the resources they need to grow, innovate and create jobs for Canadians.”

The Business Development Bank of Canada will provide support and advice to the government as it implements the VCAP.

Photo: The Canadian Press, Vancouver Sun

Company:
Summerhill Venture Partners
Website:
http://www.summerhillvp.com
Location:
Toronto, Ontario, Canada

Summerhill Venture Partners is a venture capital firm focused in the areas of communications, digital media and information technology. more

Company:
Real Ventures
Website:
http://www.realventures.com
Location:
Montréal, Québec, Canada

We look for inspiring entrepreneurs who exhibit unique insight and appreciation of their target market and industry. You can be first time or seasoned. If you have passion, vision and a big opportunity we want to work with you. We’ve had our successes and failures, so we should know what you’re going through and so we look for entrepreneurs who want our input and are open to this collaborative approach. We look to... more


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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys playing tennis, hiking, and exploring weird side streets. more



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