Montreal’s Cycle Capital is one of three Canadian cleantech funds who will control $50 million in federal funding under the Venture Capital Catalyst Initiative (VCCI).
“Canada is a world leader in clean technology. Our government is investing $50 million in critical venture capital to help Canada’s best businesses working in clean technology scale into innovative global champions, said Mary Ng, Minister of Small Business and Export Promotion. “This investment complements our government’s historic $2.3 billion investment in clean technology and will further support our rapidly growing venture capital ecosystem.”
Canada’s venture capital industry has nearly doubled in size since 2010. To build on this success, the Government of Canada has invested $400 million, through the Business Development Bank of Canada (BDC), in the VCCI.
The VCCI is a mandate managed by BDC Capital. Like Minster Ng noted, the $50 million will be in addition to previously announced $2.3 billion investment in Canadian clean technology.
Each venture capital fund that receives investment under VCCI is required to have a gender strategy to promote women and diversity in venture capital.