McGuinty Government Welcomes Second Ontario-Based Commitment
TORONTO, April 8 /CNW/ -
The Ontario Venture Capital Fund is committing $20 million in EdgeStone
Capital Venture Fund III (EdgeStone) to help support innovative, high-growth
businesses, including high-potential companies in Ontario.
EdgeStone (http://www.edgestone.com/home/index.htm) is an Ontario-based
venture capital firm investing in early and growth stage Canadian information
technology companies. EdgeStone's track record of successful investments
includes Ontario-based companies such as Workbrain, SlipStream Data, Protus IP
Solutions, and Varicent.
The $205-million Ontario Venture Capital Fund, managed by TD Capital
Private Equity Investors, is a joint initiative between the provincial
government and leading institutional investors to invest primarily in
Ontario-based and Ontario-focused venture capital and growth equity funds.
Today's announcement by TD Capital Private Equity Investors comes on the
heels of TD announcing its first Ontario-based commitment of up to $15 million
to Georgian Partners on March 24, 2009. It also follows a recent announcement
by Ontario to create a new $250-million Emerging Technologies Fund
(http://www.mri.gov.on.ca/english/news/ETF031809.asp), to help drive private
sector investment into new Ontario technology start-ups.
"In these tough economic times it is important to give Ontario's
cutting-edge companies the support they need to grow and succeed right here at
home. By supporting innovative Ontario ideas and high-growth technology
companies today, we are helping to create the products, services and jobs that
will drive our economy in the future."
- John Wilkinson, Minister of Research and Innovation.
"Through the Ontario Venture Capital Fund, we are helping to ensure
innovative companies continue to seize global market opportunities. The
McGuinty government's 2009 Budget, proposes to enhance these opportunities
through its comprehensive tax reform, which will cut the marginal effective
tax rate on new business investment in half, making Ontario one of the most
competitive jurisdictions in the industrialized world for new investment."
- Dwight Duncan, Minister of Finance.
- The $205-million Ontario Venture Capital Fund
(http://www.mri.gov.on.ca/english/news/VClaunch061108.asp) is one of
the biggest funds of its kind in Canada. Ontario's commitment to the
fund is $90 million.
- Ontario has the lowest after tax research costs of any neighbouring
US jurisdictions, making Ontario a great place to start or grow a
- Ontario is committed to supporting research and innovation: it's a
part of the McGuinty government's five-point economic plan and is the
focus of Ontario's almost $4-billion Innovation Agenda
About the Ontario Venture Capital Fund
Read about Ontario's Emerging Technologies Fund
TD Capital Private Equity Investors News Release
Disponible en français
For further information:
For further information: Sandra Watts, Minister's Office, (416)
314-7067; Perry Blocher, MRI Communications Branch, (416) 326-7717