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15th April 2009

Ontario Venture Capital Fund Invests in Jobs of the Future

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Ontario Venture Capital Fund Invests in Jobs of the Future

OntarioToronto -The Ontario Venture Capital Fund is committing $20 million in EdgeStone Capital Venture Fund III (EdgeStone) to help support innovative, high-growth businesses, including high-potential companies in Ontario.

EdgeStone is an Ontario-based venture capital firm investing in early and growth stage Canadian information technology companies. EdgeStone’s track record of successful investments includes Ontario-based companies such as Workbrain, SlipStream Data, Protus IP Solutions and Varicent.

The $205-million Ontario Venture Capital Fund, managed by TD Capital Private Equity Investors, is a joint initiative between the provincial government and leading institutional investors to invest primarily in Ontario-based and Ontario-focused venture capital and growth equity funds.

Today’s announcement by TD Capital Private Equity Investors comes on the heels of TD announcing its first Ontario-based commitment of up to $15 million to Georgian Partners on March 24, 2009. It also follows a recent announcement by Ontario to create a new $250-million Emerging Technologies Fund, to help drive private sector investment into new Ontario technology start-ups.

“In these tough economic times it is important to give Ontario’s cutting-edge companies the support they need to grow and succeed right here at home. By supporting innovative Ontario ideas and high-growth technology companies today, we are helping to create the products, services and jobs that will drive our economy in the future,” said John Wilkinson, Minister of Research and Innovation.

“Through the Ontario Venture Capital Fund, we are helping to ensure innovative companies continue to seize global market opportunities. The Ontario government’s 2009 Budget, proposes to enhance these opportunities through its comprehensive tax reform, which will cut the marginal effective tax rate on new business investment in half, making Ontario one of the most competitive jurisdictions in the industrialized world for new investment,” commented Dwight Duncan, Minister of Finance.

Quick Facts

* The $205-million Ontario Venture Capital Fund is one of the biggest funds of its kind in Canada. Ontario’s commitment to the fund is $90 million.
* Ontario has the lowest after tax research costs of any neighbouring US jurisdictions, making Ontario a great place to start or grow a technology company.
* Ontario is committed to supporting research and innovation: it’s a part of the Ontario government’s five-point economic plan and is the focus of Ontario’s almost $4-billion Innovation Agenda.

This entry was posted on Wednesday, April 15th, 2009 at 9:00 am and is filed under National News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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