Archived - Government Invests to Help Innovative Businesses Access the Capital They Need to Grow and Succeed
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December 22, 2014 – Ottawa, Ontario – Department of Finance
Finance Minister Joe Oliver today announced that Relay Ventures III has been selected as one of the high-performing venture capital funds to receive $15 million under the Government’s Venture Capital Action Plan (VCAP).
Relay Ventures III is a fund focused on investment opportunities in the information and communication technologies sector. This latest investment is part of the Government’s commitment to invest $50 million in a few high-performing venture capital funds to help innovative businesses access the capital they need to grow and succeed.
The Government is investing in Relay Ventures III on the recommendation of the Venture Capital Expert Panel, which was established to provide advice on the VCAP, including the selection of the high-performing venture capital funds to receive a direct investment from the Government. The Expert Panel conducted its evaluation through a fair and competitive selection process.
- The Government of Canada’s investment in Relay Ventures III is the latest step in the VCAP, a $400-million strategy launched in January 2013 by Prime Minister Stephen Harper to help increase private sector investments in early-stage risk capital and contribute to a vibrant private sector-led venture capital sector in Canada.
- The Business Development Bank of Canada is facilitating the implementation of the VCAP on behalf of the Government of Canada by providing independent expertise, undertaking due diligence, supporting negotiations with funds and other investors, and assisting in the deployment of VCAP investments.
“The investment in Relay Ventures III is an important step in implementing our Government’s Venture Capital Action Plan to help create a vibrant, private sector-led venture capital system in Canada leading to jobs, innovation and economic growth. In making these investments, we are helping to foster a dynamic and competitive Canadian economy.”
- Joe Oliver, Minister of Finance
Office of the Minister of Finance
Department of Finance