Briefing

Business Development Bank of Canada launches $250-million Industrial Innovation Venture Fund

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The fund will focus on legacy Canadian industries like agriculture, resource extraction and manufacturing. The 10-person team will be led by Joseph Regan, a managing partner at the BDC who previously made cleantech venture capital investments for Export Development Canada. (Globe and Mail)

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Talking point: The Crown corporation has been shifting away from its primary investment focus on information technology, looking for other industries with private-sector funding gaps. In March, Jérôme Nycz, executive vice-president of BDC Capital, told my colleague Jessica that the BDC planned to help digitize established industries like agri-food, agricultural technology and ocean technology. “We’ll move first as a direct investor, and then we’ll make sure that we’re not the only investors,” he said. That’s a similar model to the BDC’s software and biotech funds. The bank recently spun out Framework Venture Partners and Amplitude Ventures as private-sector firms that will manage some of its investments in those two sectors. The Logic’s editor, David Skok, wrote in May that the Industrial Innovation fund would be coming, saying it would have a direct positive impact on Western Canada.