The federal government has completed its goal of supporting the close of four private sector-led funds of funds with a total of $1.35 billion under management.
BDC Capital supported the government in implementing the $400 million Venture Capital Action Plan, which was launched with the goal of encouraging more private venture capital investment. It also provided independent expertise and assisted in deploying the funds.
“The government is committed to helping Canadian businesses grow and thrive in an environment that favours innovation and job creation. We look forward to seeing new, creative Canadian ideas turn into reality as a result of this important joint effort involving both public and private sector capital,” said Navdeep Bains, Minister of Innovation, Science and Economic Development.
BDC has said that the fund brings the total amount of venture capital in the ecosystem to $900 million. Nineteen other venture capital funds have benefitted from capital raised through VCAP funds.
“Canada’s entrepreneurs are as smart as they come – anywhere on the planet. Innovative programs such as this one ensure access to the capital they need to stay on path to scaling up and experiencing success on the world stage,” says Jérôme Nycz, Executive Vice President, BDC Capital. “We are pleased and proud to be a part of this program, and are looking forward to continuing our collaboration with HarbourVest, Teralys, Kensington and Northleaf as they complete the deployment of this new pool of capital.”