Ottawa’s VCCI earmarks $50 mln for cleantech VC financing

The federal government’s Venture Capital Catalyst Initiative (VCCI) has committed $50 million to venture capital financing for Canadian clean technology companies. The funding represents Stream 3 of the program, announced in 2017 to shore up venture capital supply in Canada. Applicants are invited to submit an application by March 1, 2019. VCCI, managed by BDC Capital, has previously committed $350 million to five fund-of-funds managers and $50 million to seven venture capital firms as part of its strategy. Last year, Ottawa created a $700 million fund, also managed by BDC, to support the growth plans of Canadian clean technology companies.