Today, Premier Kathleen Wynne was at Communitech in Waterloo to announce that Ontario is launching a new venture capital fund in partnership with the federal government, as well as corporate and institutional investors.
The Northleaf Venture Catalyst Fund will reinforce Ontario's position as a North American leader in venture capital by attracting investments to the province and helping businesses compete globally.
The new fund builds on the success of the existing Ontario Venture Capital Fund. Since the province launched the Ontario Venture Capital Fund in 2008, it has attracted $872 million in private sector capital while creating and retaining 1,500 jobs in the province.
Attracting new investments to the province is part of Ontario's economic plan to grow the economy and create jobs by investing in people, building modern infrastructure and supporting a dynamic and innovative business climate.
We want to continue to attract investments to Ontario and support our most innovative companies. Funds like these are a great tool to help companies access the capital they need to grow, create more good jobs and expand into global markets.
Venture capital is the lifeblood of Ontario’s high-tech economy and we’re pleased that Canada is introducing our market-based fund of funds model on a national scale. The Northleaf Venture Catalyst Fund will give entrepreneurs and start-ups the boost they need to reach their full potential and create jobs and economic growth in Ontario.
Today's announcement is another indication of the strength of Ontario's tech sector. This investment not only demonstrates that the Waterloo tech-ecosystem is thriving, but signals robust growth to the local business community. This new fund will build on Ontario's economic strengths and continue to create a competitive business climate across the province.
Northleaf is delighted to have been chosen to manage the new fund. We look forward to implementing the fund’s long-term strategy of constructing a portfolio of high-potential venture capital funds with the scale and resources to execute their plans, support successful high-growth companies and deliver world-class returns.