Ontario Newsroom

Ontario a Leader in Venture Capital

News Release

Ontario a Leader in Venture Capital

New Fund Builds on Venture Capital Success

Office of the Premier

Today, Premier Kathleen Wynne was at Communitech in Waterloo to announce that Ontario is launching a new venture capital fund in partnership with the federal government, as well as corporate and institutional investors.

The Northleaf Venture Catalyst Fund will reinforce Ontario's position as a North American leader in venture capital by attracting investments to the province and helping businesses compete globally.

The new fund builds on the success of the existing Ontario Venture Capital Fund. Since the province launched the Ontario Venture Capital Fund in 2008, it has attracted $872 million in private sector capital while creating and retaining 1,500 jobs in the province.

Attracting new investments to the province is part of Ontario's economic plan to grow the economy and create jobs by investing in people, building modern infrastructure and supporting a dynamic and innovative business climate. 

Quick Facts

  • The new Northleaf Venture Catalyst Fund will be managed by Toronto-based Northleaf Capital Partners. Ontario and the federal government have each committed up to $50 million to the fund.
  • The Northleaf Venture Catalyst Fund is modelled after the Ontario Venture Capital Fund, an innovative partnership Ontario pioneered.
  • Ontario is the first province to launch a fund under the Government of Canada’s Venture Capital Action Plan. The Northleaf Venture Catalyst Fund had its first closing with a total value of over $217 million in commitments, which could rise to $300 million as additional private sector partners invest in the fund.
  • The Ontario Venture Capital Fund has invested in a number of successful Ontario companies, including high-performing companies such as Achievers, BlueCat Networks and Shopify.
  • Ontario is already home to two of the world’s top start-up hubs according to the Startup Genome report: Toronto and Waterloo.

Additional Resources


Kathleen Wynne

“We want to continue to attract investments to Ontario and support our most innovative companies. Funds like these are a great tool to help companies access the capital they need to grow, create more good jobs and expand into global markets.”

Kathleen Wynne

Premier of Ontario

Reza Moridi

“Venture capital is the lifeblood of Ontario’s high-tech economy and we’re pleased that Canada is introducing our market-based fund of funds model on a national scale. The Northleaf Venture Catalyst Fund will give entrepreneurs and start-ups the boost they need to reach their full potential and create jobs and economic growth in Ontario.”

Reza Moridi

Minister of Research and Innovation

“Today's announcement is another indication of the strength of Ontario's tech sector. This investment not only demonstrates that the Waterloo tech-ecosystem is thriving, but signals robust growth to the local business community. This new fund will build on Ontario's economic strengths and continue to create a competitive business climate across the province.”

John Milloy

MPP for Kitchener-Centre

“Northleaf is delighted to have been chosen to manage the new fund. We look forward to implementing the fund’s long-term strategy of constructing a portfolio of high-potential venture capital funds with the scale and resources to execute their plans, support successful high-growth companies and deliver world-class returns.”

Jeff Pentland

Managing Director, Northleaf Capital Partners



Business and Economy Government Jobs and Employment