Ontario Capital Growth Corporation (OCGC) announced today its intention to invest $60 million into venture capital funds on behalf of the government of Ontario.
OCGC will invest in venture capital funds that are focused on sectors of strategic importance to Ontario's economy, such as information and communications technology (ICT), cleantech, and life sciences. OCGC will invest alongside institutional, corporate and other investors on the same market based terms.
“Our economic future depends on supporting our innovative start-ups and early-stage companies,” says Reza Moridi, Ontario's Minister of Research, Innovation and Science. “These investments by OCGC will further help small- to medium-sized Ontario technology companies seize opportunities to scale-up, compete globally and create high-value jobs across the province.”
Over the past nine years, OCGC has leveraged public investments to increase the amount of private investments in Ontario's VC ecosystem. Its portfolio of companies have created or retained over 5,400 jobs, earned $2.5 billion in revenues and reinvested $798 million in R&D.
“This $60 million allocation will allow OCGC to build on its success as a catalyst in the venture capital market place,” says Steve Romanyshyn, OCGC President and CEO. “It will help to ensure that promising Ontario companies have access to the capital they need to grow and succeed in a highly competitive global economy.”