Ontario Capital Growth Corp. (OCGC) announced Tuesday its intention to invest $60 million into venture capital funds on behalf of the government of Ontario.
OCGC will invest in venture capital funds that are focused on sectors of strategic importance to Ontario’s economy, such as information and communications technology, cleantech, and life sciences, the government agency says in a news release.
The agency will invest alongside institutional, corporate and other investors on the same market based terms.
Over the past nine years, OSGC’s portfolio of companies have created or retained over 5,400 jobs, earned $2.5 billion in revenues and reinvested $798 million in R&D.
“This $60 million allocation will allow OCGC to build on its success as a catalyst in the venture capital market place,” says Steve Romanyshyn, OCGC president and CEO, in a statement. “It will help to ensure that promising Ontario companies have access to the capital they need to grow and succeed in a highly competitive global economy.”