Venture Capital Catalyst Initiative (2017)
Introduced in Budget 2017 and expanded in the Fall Economic Statement, the Government of Canada invested $371 million through the Venture Capital Catalyst Initiative (VCCI). VCCI Stream 1 invested in large funds-of-funds that will support Canadian venture capital (VC) fund managers, while VCCI Stream 2 invested in emerging and diverse managers, underserved regions and sectors, and alternative fund structures. VCCI Stream 3 invested in VC funds investing primarily in clean technology firms.
Selected recipients under Stream 1
VCCI Stream 1 aimed to establish a portfolio of new private sector-led large funds-of-funds that could inject significant capital into the Canadian VC ecosystem. This stream aimed to maximize returns through diversified investments, support skilled VC fund managers, and attract substantial private sector capital.
The funds-of-funds managers selected under Stream 1 were announced on June 26, 2018. Each of these managers have since made significant progress, raising more than $1.1 billion and are now investing into VC funds and companies.
The managers under Stream 1 are:
Selected recipients under Stream 2
VCCI Stream 2 aimed to provide a financial return to investors while prioritizing areas not otherwise addressed by Stream 1. The fund managers selected under this stream had strategies focused on supporting underrepresented groups such as women or diverse fund management teams and entrepreneurs, or emerging regions.
The VC fund managers selected under Stream 2 were announced on November 5, 2018. To date, the selected managers have raised over $180 million and are now making investments into companies.
The managers under Stream 2 are:
Stream 3: Investing in clean technology
The global transition towards the adoption of clean technologies that are designed to enhance productivity, increase resource efficiency, and reduce waste and pollution, presents an economic opportunity for Canadian companies. In fact, the clean technology sector is expected to be a $26 trillion industry by 2030 and Canada currently ranks fourth in a global clean technology leader index.
To continue on this momentum, the Government announced three clean tech fund managers under Stream 3 on June 5, 2019, which have raised more than $485 million.
The managers under Stream 3 are:
VCCI fund selection
All selection of VCCI recipients were subject to a competitive process informed by the recommendations of an impartial selection committee.
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