Ontario, Ottawa put in combined $100M for venture fund for startups
Premier Kathleen Wynne said point of fund is to leverage private capital; $217-million already committed
WATERLOO, Ont.—Ontario is the first province to team up with the federal government on a program to create a new venture capital fund to attract investments.
Premier Kathleen Wynne visited a high-tech company in Waterloo, Ont., to announce the two levels of government would each contribute up to $50-million to the Northleaf Venture Catalyst Fund.
Wynne says it will build on the success of the Ontario Venture Capital Fund, which has attracted $872-million in private investment and helped create or retain 1,500 jobs since it was launched in 2008.
She says the whole point of the catalyst fund is to leverage private capital, and notes about $217-million has been committed already.
Wynne says the two governments are “stepping up to the plate” to give entrepreneurs and startups the boost they need to reach their full potential.
She calls venture funds “a great tool” to help companies access the capital they need to grow, create new jobs and expand into global markets.