The federal government publicly invited Canadian VC firms today to apply for $50 million in cleantech funding support. Applications are due March 1, 2019.
As with previous VCCI streams, applicants must provide a gender diversity strategy with their proposal.
The funding comes via the new Clean Technology Stream of the Venture Capital Catalyst Initiative (VCCI), a fund-of-funds investment matching program that replaced its predecessor, VCAP, with the new government. In 2017, the federal government’s innovation budget committed $400 million over three years towards VCCI, in two streams.
Last year, during its fall economic update, the government announced plans to committ an additional $50 million in a third stream towards cleantech innovation. Overall, Canada is investing $2.3 billion in clean technology.
“It is estimated that the clean economy will be worth $26 trillion globally by 2030,” said Catherine McKenna, minister of environment and climate change, in a statement. “By supporting investors in clean technology today, we’re taking advantage of this once-in-a-generation economic opportunity and investing in the emission-reducing technologies that will ensure our children and grandchildren inherit a healthy environment and strong economy.”
VCCI investments are matched by the private sector, and the government says the program overall will inject about $1.5 billion into Canada’s innovation market while supporting up to 30,000 jobs.
As with previous VCCI streams, applicants must provide a gender diversity strategy with their proposal. In addition, applicants are evaluated on their investment strategy, management capabilities, fundraising strategy, and overall impact on the venture capital ecosystem.
More instructions on the application process can be found here.
Featured image via Unsplash.