TORONTO, CANADA (October 24, 2022) - Northleaf has been selected as a fund manager for the Government of Canada's renewed Venture Capital Catalyst Initiative (VCCI). Under the renewed VCCI, the Government of Canada will invest up to $350 million in venture capital funds to be raised by four venture capital fund managers and, together with private sector capital, is expected to inject approximately $1.4 billion into Canada's innovation capital market.
The renewed VCCI builds on the Government of Canada’s earlier venture capital programs to ensure that innovative Canadian businesses can continue to enjoy access to a globally competitive VC ecosystem which will nurture entrepreneurial talent and create high-quality middle-class jobs. Northleaf successfully raised venture capital funds as a part of the prior VCCI program (Northleaf Venture Catalyst Fund II) in 2017 and the Government of Canada’s Venture Capital Action Plan (VCAP) program (Northleaf Venture Catalyst Fund) in 2014.
For more details, read the news release on the Government of Canada's website.