Government reveals seven recipients of $50 million in VCCI funding

brightspark ventures

The Canadian government has revealed the seven recipients of $50 million total from the Venture Capital Catalyst Initiative, according to a report from The Globe and Mail.

The $50 million is part of Stream 2 of VCCI, which was earmarked for alternative investment models, including matching funds, deal-based fundraising models, and micro-funds. In June, the government revealed the five fund-of-funds receiving $350 million from the government, with the goal of increasing late-stage capital in the ecosystem.

“One comment I heard over and over from a variety of fund managers [is] that creative investment models or structures were not embraced by the investment community, by fund of funds, and investors into VC funds. A lot of emerging managers were pushed to the side with the previous program,” said Whitney Rockley, chair of the CVCA and co-founder of McRock Capital, said at the time the government announced its call for applications in December 2017.

Per the Globe, the seven Stream 2 recipients include:

  • Garage Capital (Waterloo, ON)
  • Build Ventures (Halifax, NS)
  • TandemLaunch (Montreal, QC)
  • Highline BETA (Toronto, ON)
  • AmorChem (Montreal, QC)
  • Brightspark (Toronto, ON)
  • Pique Ventures (Vancouver, BC)
    • Fergus Hodgson

      This is embarrassing—as though the federal government has a clue about how to select venture capital. This smacks of more cronyism from a government that cannot afford it while Canada needs to open up and liberalize the economy.

      • Uh, the federal government is by the nature of becoming an LP in venture capital funds conceding that they can’t pick winners. If they gave money directly to startups you’d be bitching about them throwing money at cronies’ startups. Which leaves the only alternative that they do nothing at all, until the Conservative regain power and do exactly what you’re accusing the Liberals of.. for which I assume you would offer no criticism.