The government of British Columbia has tapped Toronto’s Kensington Capital Partners to manage its new $100 million venture fund, company announced on Friday.
The provincial government launched a $100-million BC Tech Fund provide early-stage venture capital to the tech sector, including digital media, life sciences/health care and clean tech.
“The BC Tech Fund will make more early-stage capital available in B.C. so that B.C. tech companies can grow their business,” said Amrik Virk, Minister of Technology, Innovation and Citizens’ Services, in a news release.
“I’m confident that Kensington will lead BC Tech Fund investments to good returns for the province and continue to grow B.C.’s tech sector,” he added “This agreement represents the best deal for B.C. taxpayers; by investing in B.C. companies, the BC Tech Fund will drive job creation and help create the jobs of tomorrow.”
Kensignton will make all of the fund’s investments, and also aims to help grow B.C.’s venture capital system by creating new venture capital (VC) funds, attracting investment into tech companies and venture funds, and helping companies find strategic partners. It will also manage the existing VC investments of the B.C. Renaissance Capital Fund.
Kensington, which is establishing a Vancouver office as a condition of the arrangement, won a competitive procurement process involving 12 contenders for the mandate.
The firm also confirmed that the fund’s first investment will be in Mojio, an open platform for connected cars based in Vancouver.