Ontario Launches $300 Million New Venture Capital Fund

Posted by Techvibes NewsDesk

A new $300 million venture capital fund is launching in Ontario.

Premier Kathleen Wynne was at Communitech in Waterloo this morning to make the announcement. Wynne said that the provincial and the federal government have each committed up to $50 million to the fund and that it had a first closing of $217 million in total commitments.

"We want to continue to attract investments to Ontario and support our most innovative companies," said Wynne. "Funds like these are a great tool to help companies access the capital they need to grow, create more good jobs and expand into global markets."

The new fund aims to build on the success of the existing Ontario Venture Capital Fund, which since launching in 2008 has attracted $872 million in private sector capital while creating and retaining 1,500 jobs in the province, according to Wynne. That fund has invested in companies such as Achievers and Shopify.

"Venture capital is the lifeblood of Ontario’s high-tech economy and we’re pleased that Canada is introducing our market-based fund of funds model on a national scale," said Reza Moridi, Minister of Research and Innovation. "The Northleaf Venture Catalyst Fund will give entrepreneurs and startups the boost they need to reach their full potential and create jobs and economic growth in Ontario."

This new fund will be called the Northleaf Venture Catalyst Fund and will be managed by Toronto-based Northleaf Capital Partners.

"Northleaf is delighted to have been chosen to manage the new fund," noted Jeff Pentland, Managing Director of Northleaf Capital Partners. "We look forward to implementing the fund’s long-term strategy of constructing a portfolio of high-potential venture capital funds with the scale and resources to execute their plans, support successful high-growth companies and deliver world-class returns."

Company:
Ontario Venture Capital Fund (OVCF)
Website:
http://www.ovcf.com/
Location:
Toronto, Ontario, Canada

OVCF is a joint initiative between the Government of Ontario and leading institutional investors to invest primarily in Ontario-based and Ontario-focused venture capital and growth equity funds that support innovative, high growth companies. OVCF is structured as a fund of funds with the primary objective of generating attractive returns for its investors. The fund held its first closing in June 2008 with $205... more


Similar Posts


blog comments powered by Disqus

Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property. Originally founded in 2002, Techvibes is dedicated to covering social, mobile, and startup news that impacts Canadians. Our editors and nationwide network of reporters combine breaking hyperlocal news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and... more



Who's Hiring



Recent Comments

Powered by Disqus