Minister Clement Announces $75 Million for $300 Million Late-Stage Venture Capital Fund

OTTAWA - Yesterday, at the Canadian Club of Ottawa, the Honourable Tony Clement, Minister of Industry, made the following statement on a newly announced $300-million late-stage venture capital fund for Canadian investors:

"In the future, our world will be driven by ideas, and successful countries will be those that nurture and create knowledge. Our way forward as a nation depends on the discovery, innovation and commercialization of new products. Those new products can enhance our traditional industries and build new opportunities.

"Today I would like to announce that our government is providing the Business Development Bank of Canada (BDC) with $75 million in support of a new $300-million growth capital fund. Known as the Tandem Expansion Fund, this investment instrument will support the growth and expansion of tech companies by helping them penetrate new markets, expand production capacity and provide additional working capital.

"About 20 to 40 Canadian firms will benefit from this first closing, which includes the participation of the BDC and private equity manager Tandem Expansion, as well as Export Development Canada, Teralys Capital, le Caisse de depot et placement du Quebec and the B.C. Renaissance Capital Fund."