MONTREAL, April 5, 2016 /CNW Telbec/ - The Business Development Bank of Canada (BDC) is pleased to announce that the Venture Capital Action Plan (VCAP) has completed its goal of supporting the close of four private sector-led funds of funds with a total of $1.35 billion under management. This important milestone was achieved with the final closing of the HarbourVest Canada Growth Fund, announced earlier today. This closing builds on successful closes already announced by three other funds of funds supported by the program— the Teralys Capital Innovation Fund, the Kensington Venture Fund and the Northleaf Venture Catalyst Fund.
The $400 million federal venture capital program was launched with the goal of sparking additional venture capital investment from the private sector. This has resulted in over $900M in private investor capital being added to the ecosystem across the four funds of funds. To date, a total of 19 venture capital funds have benefited from the capital raised through VCAP funds of funds, translating into investments in nearly 100 Canadian companies.
"The government is committed to helping Canadian businesses grow and thrive in an environment that favours innovation and job creation. We look forward to seeing new, creative Canadian ideas turn into reality as a result of this important joint effort involving both public and private sector capital," says the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
"By helping Canadian businesses gain access to capital, we are helping them create well-paying jobs for the middle class. Together, we are building a more innovative Canada, where globally connected and competitive Canadian companies are able to prosper," says the Honourable Bardish Chagger, Minister of Small Business and Tourism.
"Canada's entrepreneurs are as smart as they come – anywhere on the planet. Innovative programs such as this one ensure access to the capital they need to stay on path to scaling up and experiencing success on the world stage," says Jérôme Nycz, Executive Vice President, BDC Capital. "We are pleased and proud to be a part of this program, and are looking forward to continuing our collaboration with HarbourVest, Teralys, Kensington and Northleaf as they complete the deployment of this new pool of capital."
BDC supported the Government of Canada in the implementation of VCAP by providing independent expertise and advice as well as assisting in the deployment of VCAP investments.
BDC is the only bank dedicated exclusively to entrepreneurs. With more than 100 business centres and over 32,000 clients across Canada, it offers loans, investments and advisory services. BDC's purpose is to support Canadian entrepreneurship with a focus on small and medium-sized businesses. To learn more, visit www.bdc.ca.
SOURCE Business Development Bank of Canada
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