As part of Budget 2021, the government of Canada committed to increasing access to capital for innovative early-stage companies that create good jobs for Canadians from coast to coast. The VCCI seeks to support Canadian entrepreneurs in their efforts to start up, scale up, and become the next generation of Canadian anchor companies.
Canada’s VC ecosystem has experienced considerable growth in recent years with 2021 setting a new record in total investment, $14.7 billion of VC investment in Canadian start-ups.
The renewed Venture Capital Catalyst Initiative Streams
Funds-of-funds stream investing up to $350 million in funds-of-funds;
As part of the commitment, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, announced a $350 million investment as part of the renewed Venture Capital Catalyst Initiative (VCCI) and will be investing it in four venture capital funds-of-funds managers:
The fund managers will work to raise additional private sector capital in order to invest in other venture capital funds as well as directly investing in innovative firms. The fund managers are expected to create a total investment pool of around $1.4 billion.
Life sciences stream
Life sciences stream investing up to $50 million in VC funds primarily focused on investing in high-growth potential technology companies Canada’s life sciences sector.
Inclusive growth stream
Inclusive growth stream investing up to $50 million to support increased access to VC for underrepresented groups, such as women and racialized communities.
Call for Expression of Interest
The Call for Expressions of Interest is now open and accepting applications for all three streams.
Through the renewed VCCI, the Government is seeking to build a portfolio of funds-of-funds and VC funds that strengthen and broaden the Canadian VC ecosystem while increasing the availability of VC and advancing DEI in the ecosystem.
Applications must be received by:
- 5:00 p.m. PT on November 30, 2022 for the first round of the inclusive growth stream, and
- 5:00 p.m. PT on June 2, 2023 for the second round of the inclusive growth stream.
For More Information: Venture Capital Catalyst Initiative.