The provincial government has launched a $90 million fund aimed at attracting private venture capital and market expertise.
The B.C. Renaissance Capital Fund will be managed by Arch Venture Partners, VantagePoint Venture Partners, Kearny Ventures, Walden Capital, Ventures West Management and Celtic House Partners. The management companies have $2.3 billion in combined investment capital under management.
Colin Hansen, Minister of Economic Development, emphasized the need to attract more capital to encourage investment and innovation in the technology sector.
An undisclosed portion of the funds have come from the B.C. Immigrant Investor Fund, which was set up in January 2001 under the Federal Immigrant Investment Program.