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.
Source: Province of Ontario