The New Venture Ontario Fund: Boosting Innovation, Growth, and Jobs
The Government of Ontario has invested $100 million into the new Venture Ontario Fund, a joint enterprise introduced by the Ontario government and leading sector investors that will provide a total $205 million in venture capital and business growth funding for Ontario businesses to support innovation, economic growth, and job creation.
“Access to capital plays a critical role in accelerating the growth of innovative start-ups and entrepreneurial firms into medium and large companies. With a diversified portfolio of funds, OCGC continues to provide a market-based approach to help develop high-potential technology companies and strengthen our economy.”
– Steve Romanyshyn, President and CEO, Ontario Capital Growth Corporation (OCGC)
The Venture Ontario Fund has been designed to support innovative projects by promoting long-term funding investments for the overarching goal of establishing a globally competitive and self-sustaining venture capital industry. The Venture Ontario Fund thus aims to act as a valuable catalyst in ongoing efforts to create a profitable venture capital sector in Ontario to contribute towards rebuilding and boosting the economy in innovation and job creation.
Funding Snapshot: Venture Ontario Fund
Administered through the Ontario Capital Growth Corporation (OCGC) and managed by Northleaf Capital Partners, the new Venture Ontario Fund aims to invest in venture capital funds focusing primarily on in-demand, high-growth sectors where Ontario has a competitive advantage.
The Ontario-based sectors which the Venture Ontario Fund is looking to support include, but are not limited to:
- Life sciences.
- Medical devices.
- Clean technology.
- Information technology.
- Artificial intelligence.
“As our global competitors emerge from the COVID-19 crisis, they will be working in overdrive to attract investment and spur economic recovery. A dynamic and vibrant venture capital market will be essential for Ontario to stay ahead to be more competitive, create high-value jobs and grow our innovation ecosystem.”
– Vic Fedeli, Minister of Economic Development, Job Creation and Trade of Ontario
OCGC’s previous investments of approximately $340 million have leveraged over $4 billion in growth capital to a portfolio of 175 promising companies, including globally recognized firms such as Shopify, newterra, and BLUECAT. These companies employ more than 13,000 people in Canada, most of them in Ontario.
Northleaf manages the Venture Ontario Fund on behalf of the investors, which include the Government of Ontario, TD Bank, RBC, the Business Development Bank of Canada, and Manulife Financial.
To apply for venture capital funding through the Venture Ontario Fund, interested businesses must get in touch with their primary investment institution. Further questions regarding the Venture Ontario Fund may be directed to the Fund Manager at Northleaf Capital Partners via investors@northleafcapital.com
Ontario Provincial Funding: Grant and Loan Programs
The province of Ontario has a booming and vibrant selection of businesses in essentially every size and sector imaginable. To help these businesses succeed in meeting their goals – whether that be hiring and training more skilled stuff, expanding their products and/or services to a new market, researching and developing new processes or solutions, and even adopting new technologies – the Government of Ontario maintains hundreds of funding programs a year to support local innovation, growth, and creation of jobs.
Ontario’s 2021 Budget boasts investments of $16.3 billion to promote health and safety, $23.3 billion to protect our economy, and $51 billion to Ontario’s ongoing COVID-19 action plan.
If your business is located in Ontario, consider browsing our Ontario Funding Directory to discover government grants, loans, and other funding programs that may be applicable to support your company’s projects and goals.
Learn more about When to Apply for Government Funding by downloading the free available resource which may be found under the Resources tab on our website, or right below this blog post.
