The Province of British Columbia, Canada, is creating a $100m venture capital fund.
The new BC Tech Fund will back promising tech companies in B.C. to grow and create new jobs in the sector, which directly employs more than 86,000 people.
As one of the three pillars of the forthcoming British Columbia tech strategy (#BCTECH Strategy), along with actions to attract talent and make it easier to access new markets, the fund also aims to develop a sustainable venture capital ecosystem in the province, building on the success of the B.C. Renaissance Capital Fund (BCRCF), and the local Angel investment community.
The BC Tech Fund will be in operation in 2016 following an open procurement process to secure a private sector fund manager to administer it. The process for identifying a fund manager begins today with a posting for a Negotiated Request for Proposal (NRFP).
In partnership with the BC Innovation Council, the province is hosting B.C.’s first #BCTECH Summit, Jan. 18-19, 2016, where the #BCTECH Strategy will be released in full.