New Venture Ontario Fund Drives Economic Growth and Creation of High-Value Jobs
June 09, 2021
TORONTO — The Ontario government is providing $100 million in venture capital funding to assist high-potential technology companies innovate and grow, boosting the province’s long-term competitiveness, helping to create jobs and driving economic growth. The announcement was made during the Invest Canada 2021 conference by Vic Fedeli, Minister of Economic Development, Job Creation and Trade. The Venture Ontario Fund will be overseen by the Ontario Capital Growth Corporation (OCGC), the province’s venture capital agency. The fund will invest in venture capital funds focussing on in-demand, high-growth sectors where Ontario has a competitive advantage including life sciences, medical devices, clean technology, information technology and artificial intelligence. “As our global competitors emerge from the COVID-19 crisis, they will be working in overdrive to attract investment and spur economic recovery. A dynamic and vibrant venture capital market will be essential for Ontario to stay ahead,” said Minister Fedeli. “OCGC has a strong track record of investing in technology-driven companies that make Ontario more competitive and create high-value jobs and grow our innovation ecosystem.” OCGC’s previous investments of approximately $340 million have leveraged over $4 billion in growth capital to a portfolio of 175 promising companies, including globally recognized firms such as Shopify, ecobee and eSentire. These companies employ more than 13,000 people in Canada, most of them in Ontario. “Access to capital plays a critical role in accelerating the growth of innovative start-ups and entrepreneurial firms into medium and large companies,” said Steve Romanyshyn, President and CEO, Ontario Capital Growth Corporation (OCGC). “With a diversified portfolio of funds, OCGC continues to provide a market-based approach to help develop high-potential technology companies and strengthen our economy.”
The Ontario Capital Growth Corporation (OCGC) was created to promote and develop Ontario’s venture capital sector, and to help high-potential tech companies access the capital they need to grow.
Companies that have received venture capital through Ontario’s venture capital investments have, on an aggregate basis, recorded $9.45 billion in revenue and dedicated $2.59 billion to research and development.
Ontario’s Action Plan: Protecting People’s Health and Our Economy, brings total investments to $16.3 billion to protect people’s health and $23.3 billion to protect our economy. Ontario’s COVID-19 action plan support now totals $51 billion.