The Ontario Municipal Employees Retirement System, alongside the Bank of Montreal, is committing $33 million in funding to District Ventures Capital.
Founded by financier Arlene Dickinson, the fund focuses on consumer goods-related venture capital. With the new investment, the fund now totals $70 million.
“We are pleased to have these institutional investors backing our fund,” said Arlene Dickinson, general partner of District Ventures Capital, in a press release. “Their commitment underlines our strategy of investing in early stage food, beverage and wellness consumer goods companies, and the significant and global growth opportunity these categories represent. These sectors have long been ignored in Canada with the majority of VC funding in our country focused on technology.”
In the release, the OMERS noted it supports entrepreneurs in the agri-food sector, where it believes this new investment will have an impact.