Ontario Capital Growth Corporation announces $50M for new Life Science Venture Capital Fund Initiative; issues call for expressions of interest
Ontario is moving forward with a venture capital fund to help life sciences firms access the capital they need to grow their business, create jobs and compete globally.
The Ontario Capital Growth Corporation (OCGC), an agency that manages the province’s venture capital equity interests, has issued an expression of interest to identify fund managers to partner with other institutional investors such as corporations, banks and pension funds.
Ontario’s new venture capital fund focused on life sciences is designed to respond to the challenges faced in raising capital by innovative, high-potential life sciences companies to scale up and reach global markets. It will also help businesses foster new discoveries, including new technologies, treatments and cures for illnesses while supporting high quality, knowledge-based jobs for people across the province. It will also drive Ontario’s ability to attract and retain talent.
Supporting innovation in the life sciences is part of Ontario’s plan to create fairness and opportunity during this period of rapid economic change. The plan includes a higher minimum wage and better working conditions, free tuition for hundreds of thousands of students, easier access to affordable child care, and free prescription drugs for everyone under 25 through the biggest expansion of medicare in a generation.
” Providing much needed capital to growing life sciences companies is a crucial step towards a strong and sustainable life sciences ecosystem. Supporting high-potential life sciences companies will create good jobs and help commercialize technologies and services for improved healthcare at home and around the world.”
– Reza Moridi, Minister of Research, Innovation and Science
” Capital financing, including venture capital, is essential for many innovative companies. OCGC is pleased to play a role helping Ontario-based companies scale-up and succeed at home and in global markets.”
– Steve Romanyshyn, OCGC President and CEO
- Ontario will invest up to $50 million in venture capital funds focused on life sciences.
- Ontario is the largest life sciences jurisdiction in Canada with more than 50 per cent of overall Canadian revenue.
- Ontario’s life sciences sector includes approximately 1,840 firms employing close to 61,000 people.
- OCGC, the venture capital agency of the government of Ontario, was created to promote and develop the venture capital sector in Ontario, so that more high-potential technology companies have access to the capital needed to grow and prosper.
- OCGC investment activities have resulted in over $300 million invested in high potential technology companies, including globally recognized Shopify and ecobee.