Province Seeks Manager for $15 Million Venture Capital Fund

Early stage technology companies will soon have more access to venture capital.

Innovacorp has issued a request for proposals today, Jan. 12, in search of a manager for a new $15 million early stage private-sector venture capital fund.

"Nova Scotia has a vibrant startup community and we will continue to invest in it to leverage more private investments,” said Business Minister Geoff MacLellan. “This fund will give early stage entrepreneurs the financing they need to turn great ideas into strong companies that will create jobs across the province.”

The fund will build on Nova Scotia’s recent announcement to invest $15 million in Build Ventures’ work to create a new fund, targeted to be $50 to $75 million, to help later stage startup companies.

Creating two funds was recommended to government by the selection committee responsible for evaluating responses to Innovacorp’s 2016 request for proposals for a fund manager. The committee will remain in place for the new process.

“It was important to enable Build Ventures to continue to provide follow-on capital for the most promising startups in Atlantic Canada,” said Gilles Duruflé, a selection committee member and consultant for venture capital and private equity funds and governments across Canada. “It is also important to ensure Nova Scotia’s startup community continues to grow, which is why we need to bring an additional new private-sector-managed fund for early stage startups to the region.”

The deadline for proposals is Feb. 15. A decision on the fund manager will be made after proposals are assessed by the selection committee.

The request for proposals is available at www.innovacorp.ca/vcrfs .