Venture Newfoundland and Labrador launched to invest $15 mln in startups
The government of Newfoundland and Labrador has unveiled its previously announced Venture Newfoundland and Labrador, a fund that will invest in local entrepreneurs and startups. The fund, which will be managed by GrowthWorks Atlantic, will be capitalized at around $15 million, with $10 million provided by the government, $2 million provided by BDC Capital, and a further commitment expected from private investors. The government said a 30 percent tax credit will be made available to encourage private investors to partner in the fund.The government also confirmed its $10 million commitment to Build Ventures, a venture capital firm established in May 2013 to invest in startups located in Atlantic Canada.
4 November 2014•5 mins read
