Industry Canada announced on Monday that they will be providing additional funding for BDC.
The funding allocation includes $350M for BDC‘s venture capital activities that will allow it to make additional direct investments of $260 million over three years in Canadian businesses already in the BDC portfolio, as well as investments in new seed technology companies and later-stage technology companies. It will also allow BDC to commit $90 million over three years to private, independent Canadian venture capital funds.
This funding is in addition to the $75 million in venture capital funds allocated in the Government of Canada’s Budget 2008, which is being used to support the creation of a privately run venture capital fund.
This is great news! BDC has been, and continues to be a key player in helping grow Canada’s innovation, economic growth and economic diversity.