TORONTO and WATERLOO, Ontario, Jan. 22, 2014 /PRNewswire/ -- The province of Ontario today announced the launch of 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.
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.
- 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.
"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
"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
"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
- Read more about the Ontario Venture Capital Fund
- See what else Ontario is doing to support entrepreneurship and innovation
FOR MORE INFORMATION CONTACT
Media Relations, Ministry of Economic Development, Trade and Employment
SOURCE Ministry of Economic Development, Trade and Employment