The Canadian government has revealed the seven recipients of $50 million total from the Venture Capital Catalyst Initiative, according to a report from The Globe and Mail.
The $50 million is part of Stream 2 of VCCI, which was earmarked for alternative investment models, including matching funds, deal-based fundraising models, and micro-funds. In June, the government revealed the five fund-of-funds receiving $350 million from the government, with the goal of increasing late-stage capital in the ecosystem.
“One comment I heard over and over from a variety of fund managers [is] that creative investment models or structures were not embraced by the investment community, by fund of funds, and investors into VC funds. A lot of emerging managers were pushed to the side with the previous program,” said Whitney Rockley, chair of the CVCA and co-founder of McRock Capital, said at the time the government announced its call for applications in December 2017.
Per the Globe, the seven Stream 2 recipients include:
- Garage Capital (Waterloo, ON)
- Build Ventures (Halifax, NS)
- TandemLaunch (Montreal, QC)
- Highline BETA (Vancouver, BC)
- AmorChem (Montreal, QC)
- Brightspark (Toronto, ON)
- Pique Ventures (Vancouver, BC)
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