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| Backgrounder(s) & FactSheet(s): | Backgrounder |
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| Backgrounder(s) & FactSheet(s): | Backgrounder |
VANCOUVER
– The Province has launched the
$90-million BC Renaissance Capital Fund (BCRCF), and secured six top-tier
institutional venture capital fund managers to help attract
market expertise and venture capital investment to B.C., announced Colin
Hansen, Minister of Economic Development.
“The
BC Renaissance Capital Fund will help British Columbia develop world-class
anchor companies and continue to build on the culture of innovation we have in
this province,” said Hansen. “Attracting more private venture capital to B.C.
will help our most promising and innovative companies to grow and create jobs.”
The
fund managers selected for the BCRCF are Arch Venture Partners, VantagePoint Venture
Partners, Kearny Ventures, Walden Capital, Ventures West Management and Celtic
House Partners. All six have demonstrated a consistent track record of building
anchor technology companies in B.C. and the United States, and internationally.
Combined, they have in excess of $2.3 billion in capital available for
investment.
“Venture capital
is an important source of financing for new and expanding companies in the
technology sector,” said Pascal Spothelfer, BCTIA president and CEO. “B.C. is
home to many vibrant start-up and early stage companies and, with the
establishment of the BCRCF, there is now significant support to grow these
companies to more advanced stages.”
The
BCRCF has committed $90 million of capital, which can be structured over a
period of up to five years. The fund refocuses a portion of the existing BC
Immigrant Investor Fund that was established in January 2001 under the federal
government’s Immigrant Investment Program.
“This is a powerful
opportunity for local and external venture groups to work together to bring
wider attention to British Columbia,” said Aspreva founder Richard Glickman.
“Through the significant resources of the six managers, the BC Renaissance
Capital Fund is an ingenious way to get larger funds to look at B.C. as an
attractive place to invest.”
For
more information on the BC Renaissance Capital Fund and the six fund managers,
visit www.equitycapital.gov.bc.ca.
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Communications Director 250 952-0152 |
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For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca. |
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