Today, Ontario announced it will invest up to $50 million in venture capital funds focused on life sciences.
The Ontario Capital Growth Corporation (OCGC) has issued an expression of interest to identify fund managers to partner with other institutional investors such as corporations, banks and pension funds. Ontario's new life sciences venture capital fund is designed to respond to the challenges faced in raising capital by innovative, high-potential life sciences companies to scale up and reach global markets.
“Providing much needed capital to growing life sciences companies is a crucial step towards a strong and sustainable life sciences ecosystem. Supporting high-potential life sciences companies will create good jobs and help commercialize technologies and services for improved healthcare at home and around the world.”
“Capital financing, including venture capital, is essential for many innovative companies. OCGC is pleased to play a role helping Ontario-based companies scale-up and succeed at home and in global markets.”
Click here to read the full release from the Ministry of Research and Innovation.