Ontario to Invest $55M in Clean Tech VC Fund: Calls for Expressions of Interest From Fund Managers
As part of the Ontario government’s broader effort to support business growth by increasing access to investment capital, the 2016 Budget committed $55 million as venture capital for the clean technology sector. Ontario is home to more than 3,000 clean technology and environmental companies, which generate $8 billion in revenue and export $1 billion annually. The Ontario government’s goals include mobilizing additional private capital and helping high-potential firms scale up, export and grow revenues.
On January 16, 2017, Ontario’s provincial venture capital agency, the Ontario Capital Growth Corporation (OCGC), published a call for Expressions of Interest (EOI). OCGC will manage the EOI process to identify venture capital fund managers to partner with, and will have sole discretion regarding the selection of the fund manager(s) and the potential allocation of Ontario’s $55 million in capital.
Ontario’s substantial commitment demonstrates continued support for our critical venture capital ecosystem, which moved from 14th to 6th position in North America since the 2009 global economic downturn. In addition, Ontario’s extensive innovation and commercialization ecosystem has produced a strong pipeline of high-potential, revenue-generating firms that are investment ready today.
Ontario’s economy presents opportunities for these innovative companies to bring world-class clean technology solutions to global markets. High-performance investment professionals are invited to file for EOI at www.ontario.ca/ocgc