Ontario announces that it is investing $50 million in venture capital funds focused on life sciences.
Ontario is moving forward with their plan for a venture capital fund to aid life sciences firms access the capital they need to grow their business, create jobs, and grow on a global level.
The Ontario Capital Growth Corporation (OCGC) would like to identify fund managers to partner with other institutional investors such as corporations, banks and pension funds. Ontario’s new life sciences venture capital fund is designed to respond to the challenges faced in raising capital by innovative, high-potential life sciences companies to scale up and reach global markets.
“Providing much needed capital to growing life sciences companies is a crucial step towards a strong and sustainable life sciences ecosystem,” comments the Hon. Reza Moridi, Minister of Research and Innovation. “Supporting high-potential life sciences companies will create good jobs and help commercialize technologies and services for improved healthcare at home and around the world.”
Ontario’s new venture capital fund focused on life sciences is designed to respond to the challenges faced in raising capital by innovative, high-potential life sciences companies to scale up and reach global markets. It will also help businesses foster new discoveries, including new technologies, treatments and cures for illnesses while supporting high quality, knowledge-based jobs for people across the province. It will also drive Ontario’s ability to attract and retain talent.
“Capital financing, including venture capital, is essential for many innovative companies,” says Steve Romanyshyn, OCGC president and CEO. “OCGC is pleased to play a role helping Ontario-based companies scale-up and succeed at home and in global markets.”
The OCGC, venture capital agency of the government of Ontario, was created to promote and develop the venture capital sector in Ontario, so that more high-potential technology companies have access to the capital needed to grow and prosper.
Supporting innovation in the life sciences is part of Ontario’s plan to create fairness and opportunity during this period of rapid economic change. The plan includes a higher minimum wage and better working conditions, free tuition for hundreds of thousands of students, easier access to affordable child care, and free prescription drugs for everyone under 25 through the biggest expansion of medicare in a generation.
Ontario is the largest life sciences jurisdiction in Canada with more than 50 per cent of overall Canadian revenue. The province includes an incredible 1,840 firms employing close to 61,000 people across the province.