The Toronto-based fund has raised $110 million from previous investors Kensington Capital Partners and BMO. The firm is targeting a total fund size of $125 million, and this fund will focus on Series A investments. Kensington was one of the five recipients of the federal government, which gave Venture Capital Catalyst Initiative (VCCI) $350 million to fund-of-funds to invest in firms like White Cap. (Globe and Mail)
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The Toronto-based fund has raised $110 million from previous investors Kensington Capital Partners and BMO. The firm is targeting a total fund size of $125 million, and this fund will focus on Series A investments. Kensington was one of the five recipients of the federal government, which gave Venture Capital Catalyst Initiative (VCCI) $350 million to fund-of-funds to invest in firms like White Cap. (Globe and Mail)
Talking point: This announcement is the first of what will likely be many, as the VCCI funding is deployed. Canadian startups should start to see the money soon. Its predecessor—the Conservative government’s Venture Capital Action Plan, launched in 2013—led to VC funds raising a total of $1.36 billion, of which $453 million was invested in 126 Canadian companies by September 2016.
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