Ontario has launched a new venture capital fund in partnership with the federal government, as well as corporate and institutional investors.
Northleaf Venture Catalyst Fund will be managed by Toronto-based Northleaf Capital Partners.
The fund had its first closing with a total value of more than $217 million in commitments, which could rise to $300 million as additional private sector partners invest in the fund. Ontario and the federal government have each committed up to $50 million.
“We want to continue to attract investments to Ontario and support our most innovative companies,” says Premier Kathleen Wynne.
The new fund builds on the success of the existing Ontario Venture Capital Fund, which has attracted $872 million in private sector capital. That fund has invested in a number of successful companies in the province, such as Shopify, Achievers and BlueCat Networks.
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