The University of British Columbia (UBC) and provincial government-backed InBC Investment Corp. have teamed up to establish a new fund for British Columbia (BC) startups.
The UBC Catalyst Ventures Fund will back innovative spinouts created from licensed UBC research discoveries, as well as businesses established by UBC faculty, staff, students, and recent graduates.
InBC and UBC have committed $10 million apiece to the fund, which the Government of British Columbia announced this afternoon. In a news release, the government said as much as $20 million could also be raised from private investors.
âBritish Columbia is home to world-class research and development, and this fund will accelerate the growth of university-related innovations.”
âBritish Columbia is home to world-class research and development, and this fund will accelerate the growth of university-related innovations,â InBC chief investment officer Thomas Park said in a statement. Park said the partnership aligns with InBCâs goal to attract more capital to BC and anchor and scale more businesses in the province.
UBC and InBC expect the UBC Catalyst Ventures Fund to help turn ideas into new products, services, and treatments that provide economic, social, and environmental benefits for BC, including job opportunities.
To date, the Government of BC says discoveries by UBC researchers have formed the basis of more than 280 spinoffs, generated an estimated $13 billion in sales, and become major contributors to job creation in BCâs innovation economy. Some examples of successful UBC spinouts include AbCellera, Xenon Pharmaceuticals, and Aspect Biosystems.
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This fund will make initial investments in life sciences and deep technology companies, two areas of strength for BC. By supporting commercialization in both areas, this funding is designed to advance two key priorities in the Government of BCâs recently unveiled 10-year Look West economic plan.Â
As part of that strategy, BC hopes to boost life sciencesâ economic impact in the province by 75 percent and double employment in the sector to 40,000. It also aims to grow the economic value of its tech sector by 75 percent while doubling local tech-sector employment to 400,000.