Governments of Canada and Yukon announce funding to support private investment in Yukon businesses

This is a joint news release between the Government of Canada and the Government of Yukon.

WHITEHORSE, YT, Jan. 27, 2025 /CNW/ - Small- and medium-sized businesses are key drivers of innovation and opportunity in their communities. Access to private investment allows them to expand, diversify, and strengthen local economies, creating dynamic economic networks.

Today, Dr. Brendan Hanley, Member of Parliament for the Yukon, on behalf of the Honourable Gary Anandasangaree, Minister of Crown-Indigenous Relations and Northern Affairs and Minister responsible for the CanNor, along with Yukon Premier and Minister of Economic Development Ranj Pillai, announced a joint contribution of up to $558,800 over three years supporting the Yukon Venture Angels' (YVA) Yukon Private Capital Ecosystem Development Project.

This funding will help YVA build a Yukon angel investor ecosystem to provide entrepreneurs across the territory with financial backing, mentorship, access to networks, and strategic guidance. Through this project the non-profit organization will develop a strategic plan, create and deliver investor and founder training, and build a fund management structure to facilitate private investments.

Supporting projects like this one aligns with CanNor's priority to support small- and medium-sized businesses, and create economic growth and innovation in northern and remote communities. This agreement also supports objectives outlined in the Government of Yukon's innovation strategy. Enhancing investment opportunities helps create jobs, stimulate local industries, and contributes to sustainable and diversified economic development in the territory.

Quotes

"Entrepreneurs are a key part of our economy. By supporting the development of an angel investing ecosystem, our government is helping to ensure that they have access to the resources they need to turn innovative ideas into successful businesses. This investment will help create jobs, drive long-term economic prosperity and open new opportunities for talented Yukoners to bring their ideas to market."

-     The Honourable Gary Anandasangaree, Minister of Crown-Indigenous Relations and Northern Affairs, and Minister responsible for CanNor

"The Yukon is home to a vibrant and growing community of entrepreneurs who are driving innovation and economic development in the region. With a high number of local businesses across diverse industries, the territory has become a hub for creativity and entrepreneurial spirit. We are proud to support these entrepreneurs, who embody Yukon's culture of innovation, and provide them with the resources they need to succeed and grow." 

-      Dr. Brendan Hanley, Member of Parliament for the Yukon

"Angel investors are vital to the growth and success of our local entrepreneurs and startups. Not only do they provide essential funding, they also create valuable mentorship opportunities and help Yukon innovators establish key partnerships in global markets. This funding agreement reflects our government's strategic innovation goals of expanding market access for small- and medium-sized businesses while cultivating a diverse and collaborative investment ecosystem."  

-      Ranj Pillai, Premier of the Yukon and Minister of Economic Development

"Yukon Venture Angels is filling a critically important niche in Yukon's economic ecosystem, working to unleash the private capital investment potential of Yukoners. Our mission is to establish Yukon as a competitive hub for angel investing and start-ups by facilitating investment opportunities and expanding private investment networks, while at the same time enhancing angel investor knowledge and competence. The outcome will be a more economically resilient and prosperous Yukon."

-       Barrett Horne, President, Yukon Venture Angels

Quick facts

• CanNor is contributing up to $286,800 towards this project through its Regional Economic Growth through Innovation (REGI) Fund, which supports the economic growth of businesses and regions through innovation.
• The Government of Yukon is contributing $272,000 over three years as a core project of the Innovation, Industry and Business Development Branch, in alignment with objectives outlined in Yukon's innovation strategy.
• Yukon Venture Angels is creating opportunities for Yukon angels to invest, provide education programs to enhance their skills, and build a thriving network of local investors. This network will foster collaboration, knowledge-sharing, and resource pooling, driving a significant increase in private capital investment in Yukon.

Associated links

• To find out more about CanNor's programs and services, please visit cannor.gc.ca.
• Learn about the Government of Yukon's innovation strategy: Innovation Yukon: Bringing Northern Ingenuity to the World.
• Yukon Venture Angels

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SOURCE Canadian Northern Economic Development Agency (CanNor)

Contacts: For more information (media only), please contact: Kyle Allen, Office of the Minister of Crown-Indigenous Relations, Northern Affairs and CanNor, [email protected]; Greg Frame, Press Secretary, Office of the Minister of Crown-Indigenous Relations, Northern Affairs and CanNor, [email protected]; Leighann Chalykoff, Communications Advisor, Yukon Region, Canadian Northern Economic Development Agency (CanNor), [email protected]; Jennifer Hackwell, Communications Analyst, Department of Economic Development, Government of Yukon, [email protected]; Ceara Crawford, CEO, Yukon Venture Angels, [email protected]