Helping Clean Tech Companies Grow and Compete Globally
Ontario Capital Growth Corporation Seeks Fund Managers
Ontario is moving forward with the Clean Tech Venture Capital Fund to help clean tech firms get the capital they need to grow their business and create jobs.
The Ontario Capital Growth Corporation, an agency that manages the province's venture capital equity interests, issued an expression of interest to identify fund managers to partner with other institutional investors such as corporations, banks and pension funds.
Ontario's Clean Tech Venture Capital Fund is designed to respond to the challenges faced in raising capital by innovative, high-potential clean tech companies. It will also help create jobs in Ontario and decrease greenhouse gas emissions to support Ontario's commitment to a cleaner, healthier environment through the Climate Change Action Plan.
Helping clean tech firms grow and compete globally is part of our plan to create jobs, grow our economy and help people in their everyday lives.
- Ontario ranked 6th in North America for venture capital investment in 2016, up from 14th in 2009.
- Ontario has the fastest growing clean tech sector in Canada, with $8 billion in revenue, 3,000 companies and 65,000 employees.
- Ontario has committed over $575 million in over 1,500 research and commercialization projects related to clean technology and the bio-economy since 2003.
- As part of the 2016 Budget, Ontario is investing $55 million to establish the Clean Tech Venture Capital Fund to attract private investments in exchange for equity in clean tech firms.
- The Clean Tech Venture Capital Fund is part of Ontario’s five-year, $400-million Business Growth Initiative, which is helping to grow the economy and create jobs by promoting an innovation-based economy, helping small companies scale-up and modernizing regulations for businesses.
- The Clean Tech Venture Capital Fund will build on the success of Ontario’s existing investment initiatives, including the Ontario Venture Capital Fund and the Northleaf Venture Catalyst Fund. These funds have invested in a number of successful Ontario-based companies, including eSentire, FreshBooks, Wattpad and Shopify.
“We need to strengthen Ontario’s innovation ecosystem to help more high-growth companies access the risk capital they need to remain competitive in today’s global economy. This is why our government is supporting the development of new venture capital funds that will invest in clean tech companies, help create good jobs, and keep our environment clean and healthy for all Ontarians.”
“Capital financing, including venture capital, is critical for innovative start-up, early-stage and expanding companies. OCGC is delighted to be playing a part in Ontario’s important clean tech sector.”