British Columbia Discovery Fund (VCC) Inc.has filed a preliminary prospectus. The venture capital fund is open to investors in B.C.

The fund will make venture capital investments in a portfolio of small businesses in B.C. that qualify under the Small Business Venture Capital Act, focusing on all of B.C.’s top internationally recognized technology clusters; information technology, communications, health and life sciences, and energy and environmental technologies.

The fund is managed by a wholly owned subsidiary of Discovery Capital Corp.

Eligible individual investors in the fund will receive a tax credit equal to 30% of the amount invested, to a maximum of a $60,000 tax credit per year. Shares in the fund are eligible for RRSPs and RRIFs.

“The fund will now provide a choice for British Columbia investors wishing to invest in a venture capital fund entitling them to a full 30% tax credit on amounts invested”, said Harry Jaako, President of the fund and Discovery Capital Co-CEO. “Until now, investors were generally limited to labour sponsored funds that have similar attributes to the Fund.”

“With BCDF, investors will benefit from a fund manager that has over 16 years of venture capital investment and technology industry experience in British Columbia, highlighted by a strong track record of investment successes”, added fund director and Discovery Capital Co-CEO, John McEwen.