Four Canadian venture partnerships awarded $50 mln in VCAP commitments
The federal Minister of Finance Jim Flaherty announced that four Canadian venture capital funds have been awarded a total of $50 million from the $400 million Venture Capital Action Plan (VCAP). The funds are: Summerhill Ventures II, managed by Toronto-based Summerhill Venture Partners, which received $15 million; CTI Life Sciences Fund II, managed by Montréal-based CTI Life Sciences Fund, which received $15 million; Real Ventures Fund III, managed by Montréal-based Real Ventures, which received $10 million; and Lumira Capital II, managed by Toronto-based Lumira Capital Corp, which received $10 million. Among the provisions of VCAP, which was introduced in January 2013, was to commit capital to "high-performing" funds with a substantial Canadian market presence.
