The Honourable Mary Ng, Minister of Small Business and Export Promotion, joined by Richard Hébert, Parliamentary Secretary to the Minister of Small Business and Export Promotion, announced further investments under the Venture Capital Catalyst Initiative (VCCI).
“Our co-creation & accelerator model with corporations leads to the development of more industry transforming start-ups that headquarter in Canada. The Government’s support will go a long way to creating a win-win-win for corporations, start-ups and investors.”
– Marcus Daniels, Ben Yoskovitz, and Lauren Robinson
With a strong focus on gender balance and diversity, these VCCI investments will help promote gender parity in the industry, ensuring more firms owned by women and under-represented groups can access the capital they need to scale and grow—and strengthen the Canadian economy.
The $50-million investment will also support venture capital (VC) funds featuring new and innovative models, provide capital to under-served regions and sectors, and support emerging managers and diverse management teams. These investments will have a direct impact on our communities, help in transforming new ideas into market-ready products and services, and unlock economic opportunities for Canadians.
The seven fund managers to receive investments in this round of VCCI are:
Following the announcement, the Minister moderated a panel discussion on the importance of venture capital funding featuring Gilles Duruflé, VCCI Selection Committee Co-chair; Sophie Gupta, Principal at Yaletown; Dave D'Oyen, Inclusion and Innovation Builder at Shopify; Michelle Scarborough, Managing Director, Strategic Investments and Women in Tech at BDC Capital; Roula Zaarour, Chief Operating Officer at Real Ventures; and Frantz Saintellemy, Co-founder of Groupe 3737.
While in Montréal, the Minister also led a discussion on export promotion hosted by BlackRock. She later delivered introductory remarks at one of Fortune Most Powerful Women International Summit plenaries. In the evening, Minister Ng joined young women entrepreneurs in celebrating the launch of the Jeune Chambre de Commerce des Femmes du Québec (French).