$50M Invested as Part of Canada’s Venture Capital Action Plan
On Friday, the Harper Government announced their next steps in the Venture Capital Action Plan (VCAP), which includes a $50M investment spread across four venture capital funds. The investments include:
- $15M to Summerhill Ventures;
- $15M to CTI Life Sciences;
- $10M to Real Ventures; and
- $10M to Lumira Capital.
The funds were selected “through a fair and competitive selection process that included a comprehensive evaluation” by an expert panel who selected funds that “have demonstrated strong investment performance and are aligned with the objectives of the VCAP.”
According to Jim Flaherty, the Minister of Finance, the “investment will help ensure that Canada’s promising start-up businesses have the resources they need to grow, innovate and create jobs for Canadians.”
This investment is part of the Government’s $400-million strategy, launched in January, to help increase private sector venture capital investments in order to create jobs and long term growth.
The BDC will support the deployment of the VCAP investments by providing advice, undertaking due diligence, and supporting negotiations with funds and other investors.