Ontario, federal government give $50M each for venture capital fund for start-ups
Ontario Premier Kathleen Wynne answers questions in Oakville, Ont., on Thursday, Sept. 19, 2013. (Frank Gunn / THE CANADIAN PRESS)
The Canadian Press
Published Tuesday, January 21, 2014 2:04PM EST
WATERLOO, Ont. -- Ontario is the first province to team up with the federal government on a program to create a new venture capital fund to attract investments.
Premier Kathleen Wynne visited a high-tech company in Waterloo to announce the two levels of government would each contribute up to $50 million to the Northleaf Venture Catalyst Fund.
Wynne says it will build on the success of the Ontario Venture Capital Fund, which has attracted $872 million in private investment and helped create or retain 1,500 jobs since it was launched in 2008.
She says the whole point of the catalyst fund is to leverage private capital, and notes about $217 million has been committed already.
Wynne says the two governments are "stepping up to the plate" to give entrepreneurs and startups the boost they need to reach their full potential.
She calls venture funds "a great tool" to help companies access the capital they need to grow, create new jobs and expand into global markets.