January, 2019
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The federal government has invited Canadian VC firms to apply for $50 million in cleantech funding support. This is the third stream of the Clean Technology Stream, a division of Venture Capital Catalyst Initiative (VCCI), the government’s fund-of-funds investment matching[1] program. Beginning in 2017, Streams 1 and 2 committed $400 million to support Canadians VC fund managers and emerging managers.
A strong clean technology market will help Canadian firms improve efficiency and lower carbon pollution footprints. The Minister of Environment and Climate Change, Catherine McKenna, stated “by supporting investors in clean technology today, we’re taking advantage of this once-in-a-generation economic opportunity and investing in the emission-reducing technologies that will ensure our children and grandchildren inherit a healthy environment and strong economy.”
Applications are due March 1, 2019 and applicants must include a gender diversity strategy with the application. All applicants are required to meet minimum thresholds of Canadian presence and investment levels, and to adhere to detailed code of conduct and reporting requirements. Each application will be evaluated for its investment strategy, management capabilities, fundraising strategy, and overall impact on the venture capital ecosystem.
[1] VCCI investments are matched by the private sector.
Author: Jonathan Farine