New Fund to Help Innovative Companies Grow
Ontario Government Fostering More Financing Opportunities to Support Innovation, Grow Economy and Create Jobs
The Ontario government is moving forward with its plan to create a new venture capital fund that will help innovative startups and other emerging companies get the financing they need to build competitive businesses and create tomorrow's jobs.
The Ontario government will contribute up to $50 million to the new fund, as committed in the Speech from the Throne. In time, Ontario's new venture capital fund could reach $300 million with the participation of private investors. The fund is part of the government's plan to foster the right climate to attract investment, support innovation, create jobs and grow Ontario's economy.
The new fund would build on the province's successful Ontario Venture Capital Fund, which invests in Ontario-focused funds that support growing companies. This fund was created in 2008 and has leveraged $750 million in private capital.
Ontario is working with the federal government and institutional and corporate investors to move this new fund forward.
- The Ontario Venture Capital Fund is a $205 million fund, of which $90 million was committed by Ontario and $115 million from investors.
- The new fund would be managed by a private sector fund manager selected through a competitive procurement process.
“For Ontario companies to compete on the world stage, our entrepreneurs need access to capital. Our new venture capital fund will help unlock more financing opportunities for these emerging startups, creating the next wave of Ontario-made innovations and Ontario-based jobs.”
“We will build on the success of the Ontario Venture Capital Fund to drive innovation and growth across the province. Smart investments like these will bolster our knowledge economy and ultimately create more jobs.”
“I am pleased that the Government of Ontario will build on the success of the Ontario Venture Capital Fund through the creation of a new fund. Ontario has all the right ingredients to create a strong ecosystem that will support new innovative, globally competitive companies and drive future economic growth. This province has great talent, great ideas and the support of a government that is committed to ensuring their success.”