10-year fund will be available to startup firms involved in sectors like digital media, information technology
TORONTO—Cisco Canada will lead a new fund that will invest $150 million over 10 years in a variety of startup companies involved in sectors like digital media and information technology.
The Canadian subsidiary of California-based technology giant Cisco Systems, Inc. said its focus will be on opportunities with potential to affect the broader, global market.
Cisco Canada’s president, Nitin Kawale, said the initiative will fund and mentor startup companies and foster innovation in Canada.
“Cisco believes there is a tremendous opportunity for growth and prosperity in Canada’s innovation engine,” Kawale said in a statement.
“Canada continues to produce some of the top engineering and management talent in the world and is home to dynamic industries that are ripe for business transformation.”
Earlier this year, Cisco announced Toronto would be home to a $100-million innovation centre, one of four new global innovation hubs.