Ontario government announces $100 million fund to support tech companies

Ontario government announces $100 million fund to support tech companies

The Ontario government is providing $100 million in venture capital funding to help technology companies grow and compete.

Ontario Minister of Economic Development Vic Fedeli made the announcement during the Invest Canada 2021 conference.

The Venture Ontario Fund will be overseen by the Ontario Capital Growth Corporation (OCGC), the province’s venture capital agency. The fund will invest in projects focused on competitive sectors including life sciences, medical devices, clean technology, information technology and artificial intelligence.

“As our global competitors emerge from the COVID-19 crisis, they will be working in overdrive to attract investment and spur economic recovery,” the minister said in a statement.

“OCGC has a strong track record of investing in technology-driven companies that make Ontario more competitive and create high-value jobs and grow our innovation ecosystem.”

The government notes that the funding will help companies innovate while also boosting the province’s long-term competitiveness. It also aims to help create jobs and drive economic growth.

Further, it notes that companies that have received venture capital through Ontario’s venture capital investments have recorded $9.45 billion in revenue and dedicated $2.59 billion to research and development.

Image credit: @vicfedeli

Source: Government of Ontario 

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