BDC Capital is launching a $250 million Industrial Innovation Venture Fund to invest in tech companies and entrepreneurs accelerating the transformation of core Canadian industries.
“BDC Capital is excited to be a first mover again, this time supporting innovation and technology adoption among core competitive industries like ag-tech, resource extraction, and advanced manufacturing with our new venture capital fund,” said Jérôme Nycz, executive vice president of BDC Capital. “This fund is complementary to our existing work with the Industrial, Clean and Energy Technology (ICE) Venture Fund, and by launching the Industrial Innovation Venture Fund, we are doubling down on developing transformative solutions for Canadian industries.”
The Industrial Innovation Venture Fund will invest in early to late stage firms with the genius and ambition to drive marked improvements in productivity and competitiveness across the value chains of the core competitive industries that are the backbone of the Canadian economy. This would be through combinations of innovative and transformative technologies, processes, and business models.
“Industrial sectors tend to be slow to digitalize, yet these sectors often represent areas where Canada has a global competitive edge,” Nycz said. “The Fund’s goal is to meet the urgent demands of the next generation of forward-thinking business leaders who want to participate in the industries that drive the Canadian economy.”
The goal of the Industrial Innovation Venture Fund is to enable technology innovation and commercialization in key Canadian industrial sectors like ag-tech, advanced manufacturing, oil and gas as well as mining tech.
“With this new $250 million Fund, BDC Capital is encouraging innovation in traditional industries where venture capital has not yet engaged at a large scale in Canada,” said Kim Furlong, chief executive officer of Canadian Venture Capital and Private Equity Association (CVCA). “This shows how venture capital can accelerate Canada’s growth across a variety of sectors and industries.”
“Congratulations to BDC Capital on its new Industrial Innovation Venture Fund,” said the Mary Ng, Canada’s minister of small business and export promotion. “This Fund demonstrates the value and the potential of Canada’s traditional industries to innovate and generate impressive companies that grow our economy and create middle class jobs.”
BDC Capital is welcoming venture capital veteran M. Regan as the Industrial Innovation Venture Fund’s Managing Partner. Regan brings deep venture capital expertise and an industrial operating perspective that positions him well to lead a successful fund and ultimately deliver on the fund’s goals. More information about Regan’s experience can be found on BDCCapital.ca.