BDC has made $400M available through Venture Capital Catalyst Initiative.
VCCI, which will complement other programs under the Innovation and Skills Plan, will make $400m available through the Business Development Bank of Canada (BDC) to increase late-stage venture capital funding for Canadian firms looking to grow, expand and compete globally.
By investing alongside the private sector, the initiative is expected to inject around $1.5 billion into Canada’s innovation capital market.
A call for proposals for VCCI support has launched officially. Successful candidates will be required to report on the gender balance of the fund managers and entrepreneurs they support. In addition, the government will establish a private sector selection committee to evaluate incoming proposals and provide recommendations on selections to the Deputy Minister of Innovation, Science and Economic Development Canada.