Jill Earthy is departing InBC Investment Corp., British Columbia (BC)’s provincial investment corporation, after nearly four years as CEO.
Earthy told BetaKit in an interview her departure was a “mutual decision,” made in collaboration with the Crown corporation’s board of directors.
“It’s been a challenging role in a complex environment, and [it was] time for a change,” Earthy said. “It’s been such an honour to lead the organization and build the team.”
“It’s been a challenging role in a complex environment, and [it was] time for a change.”
In a statement, InBC said Earthy will exit her position on Sept. 9. Daniel Muzyka, a member of InBC’s board, will take over as acting CEO. Muzyka will handle InBC’s day-to-day operations while the board starts a “competitive” process to find a permanent CEO.
Muzyka is a former dean of the University of British Columbia’s Sauder School of Business. He also co-founded the Conference Board of Canada, a non-profit think tank focused on economics and innovation.
Earthy joined as the organization’s first CEO after nearly 20 years in the entrepreneurial ecosystem. She was previously the CEO of WeBC, a non-profit organization that supports women-led businesses in BC. Before that, she managed growth at equity crowdfunding platform FrontFundr.
InBC was established as a provincial Crown corporation through legislation in 2021 as part of an economic recovery plan and was allocated $500 million for its first fund. Its mandate is to help BC-based companies grow and scale, while encouraging them to remain in the province and unlocking more capital opportunities.
InBC is overseen by a board of directors appointed by the provincial government. Though it operates independently, two board seats are reserved for representatives from the Ministry of Finance and the Ministry of Jobs and Economic Growth.
The organization invests both directly and indirectly in BC’s tech companies. While it typically invests in companies around the Series A or Series B stages, it has backed venture capital (VC) funds at all stages, including pre-seed and seed.
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InBC has invested nearly $200 million in 15 businesses, including biotechnology startup Aspect Biosystems and carbon-capture company Svante. InBC has also deployed indirectly to nine funds, including Montréal-based Brightspark Ventures and Vancouver-based Vanedge Capital, which invests in early-stage deep tech.
Forty percent of InBC’s fund was set aside for follow-on investments. As InBC had already deployed a good amount of the $300 million for new investments, Earthy said on The BetaKit Podcast in May that the organization was exploring fundraising opportunities. Those included raising money from the provincial government, and potentially from the private sector in order to “ensure an evergreen fund.”
In May, Earthy acknowledged that the Canadian venture market “could be healthier” as she saw the market grappling with fewer exits, a lack of liquidity, and less private capital for reinvestment. That same week, a Business Development Bank of Canada report called for a “wake-up call” amid weak returns and a difficult fundraising environment for Canadian VCs.
Earthy said she expects the organization’s strategy to stay the same for now as it continues to navigate economic uncertainty spurred by an ongoing trade war with the United States.
“InBC’s mandate is to be a force for economic growth,” Earthy said. “So I don’t anticipate short-term changes.”
Feature image courtesy Women of Influence