Venture Capital Funds Supported by the Venture Capital Action Plan

This page lists the venture capital funds that have received commitment from the funds-of-funds under the Venture Capital Action Plan (VCAP) up to June 30, 2016.

VCAP Fund-of-Fund Canadian Commitment Requirements

The VCAP funds of funds were designed to invest predominantly in Canadian venture capital funds; however, recognizing technology industries are international, and some degree of cross-border investment is important to allow for international relationships that can help Canadian companies to be connected globally. In this context, the funds-of-funds are also allowed to invest a minority of their capital outside of Canada. Rules governing international investments are as follows:

  • Each fund-of-funds must make at least 55 percent of its fund commitments to funds with their primary offices in Canada, and a majority of their professionals resident in Canada; and
  • Each fund-of-fund must make at least 80 percent of its fund commitments to funds with no less than one investment professional resident in Canada.
  • Overall, at least one third of the capital managed by the funds-of-funds must be invested in Canadian-based companies.

As of March 31, 2016, 80 percent of financial commitments by funds-of-funds were made to Canadian fundsFootnote 1 and 20 percent to non-Canadian funds. The commitments that have been made to the Canadian funds under VCAP are much larger than those made in funds headquartered outside Canada, on average.

financial commitments by funds-of-funds
Fund Name Vintage Year Sector Location Financing Stage
32 Degrees Diversified Energy Fund III 2015 Energy and Clean Technologies Alberta Growth Stage
Avrio Ventures III 2014 Energy and Clean Technologies Quebec Late Stage
Battery Ventures XI 2016 Information and Communications Technologies Massachusetts Early Stage
Battery Ventures XI Side Fund 2016 Information and Communications Technologies Massachusetts Late  Stage
Clarus Lifesciences III 2014 Life Sciences New York Early Stage
Georgian Partners Growth Fund II 2013 Information and Communications Technologies Ontario Growth Stage
Georgian Partners Growth Fund III 2016 Information and Communications Technologies Ontario Growth Stage
Golden Venture Partners Fund II 2014 Information and Communications Technologies Ontario Seed
Index Ventures VIII 2016 Information and Communications Technologies Europe Early Stage
Information Venture Partners II 2016 Information and Communications Technologies Ontario Early Stage
iNovia Investment Fund 2015 2016 Information and Communications Technologies Quebec Early Stage
Insight Venture Partners IX 2015 Information and Communications Technologies New York Growth Stage
Lightspeed Venture Partners II 2016 Information and Communications Technologies California Growth Stage
Lightspeed Venture Partners XI 2016 Information and Communications Technologies California Early Stage
McRock iNFund 2015 Energy and Clean Technologies Ontario Early Stage
Novacap TMT IV 2014 Information and Communications Technologies Quebec Growth equity
OpenText Enterprise Apps Fund 2015 Information and Communications Technologies Ontario Early Stage
Persistence Capital Partners II 2014 Life Sciences Quebec Growth Stage
Relay Ventures III 2015 Information and Communications Technologies Ontario Early Stage
Sierra Ventures XI 2014 Information and Communications Technologies California Early Stage
Silversmith Capital Partners 2015 Information and Communications Technologies Massachusetts Growth Stage
Sofinnova Capital VIII 2015 Life Sciences France Early Stage
Vanedge Capital II 2016 Information and Communications Technologies British Columbia Early Stage
Versant Ventures V 2014 Life Sciences California Early Stage
Version One Ventures II 2014 Information and Communications Technologies British Columbia Seed
Walden Venture Capital VIII 2014 Information and Communications Technologies California Early Stage
White Star Capital 2014 Information and Communications Technologies New York Early Stage
Whitecap Venture Partners III 2015 Information and Communications Technologies Ontario Early Stage
XPV Water Fund II 2014 Energy and Clean Technologies Ontario Late Stage
Note: Six venture capital funds based in the United States that received commitments under VCAP are excluded from this list for confidentiality reasons.
Date modified: