Ontario Capital Growth Corporation invests $55M in Yaletown and Emerald funds

Ontario Capital Growth Corporation (OCGC), the venture capital agency of the government of Ontario, has committed $55 million to Yaletown Innovation Growth Limited Partnership and Emerald Technology Ventures new Canadian cleantech fund.

OCGC has invested $20 million to Yaletwon Innovation Growth Fund, which is focused on emerging technology companies that enhance sustainability and productivity for industry and businesses. Yaletown is preparing for a final close in the near future. Albert Government’s Alberta Enterprise Corporation (AEC) committed $10 million as part of first close.

OCGC has committed $35 million to Emerald Technology Ventures. Through their Canadian Cleantech Fund, Emerald Technology Ventures is currently fundraising towards a first close.

In January 2018, OCGC announced that it will be investing $60 million into venture capital funds on behalf of the government of Ontario. OCGC will invest in venture capital (VC) funds that are focused on information and communications technology (ICT), cleantech, and life sciences, sectors of strategic importance to Ontario’s economy.

photo credit: OCGC

News Release

Venture Capital Fund Managers to Help Cleantech Businesses Succeed

Investing in Ontario-Made Technologies

TORONTO, May 1, 2018 /CNW/ – Ontario has selected two venture capital fund managers through the Ontario Capital Growth Corporation (OCGC) to help cleantech companies get the capital they need to grow their business and create jobs in the province.

OCGC is investing $55 million in two cleantech venture capital funds. The fund managers will invest alongside other investors such as corporations, banks and pension funds to support high potential, innovative Ontario-based cleantech businesses.

One of the fund managers is Yaletown Partners. OCGC has invested $20M in Yaletown’s Innovation Growth Fund, which is focused on emerging technology companies that enhance sustainability and productivity for industry and businesses. Yaletown is preparing for a final close in the near future. OCGC has committed $35M to Emerald Technology Ventures, a leader in industrial technology investments. Through their Canadian Cleantech Fund, Emerald Technology Ventures is currently fundraising towards a first close.

QUOTES

“Selecting experienced and professional fund managers for the cleantech equity fund mandate is a crucial step towards a strong and sustainable cleantech ecosystem. Supporting high-potential cleantech companies is a priority as it will create good jobs and provide a healthy and clean environment for future generations.”
— Reza Moridi, Minister of Research, Innovation and Science

“OCGC is excited to have selected Yaletown and Emerald as fund managers who will support Ontario’s cleantech companies get the capital they need to grow. Yaletown’s and Emerald’s expertise, positive track record and network of investors will help Ontario cleantech companies grow and succeed in the expanding global cleantech market”
— Steve Romanyshyn, President and CEO, OCGC

“Yaletown is delighted that OCGC is investing in our fund. With a rich manufacturing and industrial backbone, Ontario is a natural home to high-growth cleantech companies. We know these technologies have broad appeal globally as companies and governments address climate resilient growth, strive to drive cleaner and achieve more energy-efficient industry. We look forward to helping expand Ontario’s innovation by applying our expertise in investing and helping scale next generation cleantech businesses.”
— Salil Munjal, Managing Partner, Yaletown Partners

“We are looking forward to building the Emerald Canadian Cleantech Fund portfolio with the OCGC as an anchor investor. The depth of talent in Ontario and in Canada from coast-to-coast provides a rich hunting ground for exciting opportunities in sustainable industrial technology. Leveraging our global corporate investor-base, we are keen to continue accelerating the growth of Canadian start-ups beyond their domestic and trans-border markets into the global marketplace.”
— Dr. Neil Cameron, Director, Emerald Technology Ventures

QUICK FACTS

Thomson Reuters has ranked Yaletown Partners as one of Canada’s most active private independent technology investors, since 2013.
Emerald Technology Ventures has backed more than 60 outstanding entrepreneurs and partnered with dozens of multinational corporations on open innovation, since 2000.
Ontario has the fastest-growing clean tech sector in Canada, with $19.8 billion in annual revenue, 5,000 companies and approximately 130,000 employees.

LEARN MORE

Ontario Climate Change Action Plan
Ontario’s Cleantech Strategy
OCGC
Yaletown Partners
Emerald Technology Ventures

About the Ontario Capital Growth Corporation (OCGC):
OCGC, the venture capital agency of the government of Ontario, was created to promote and develop the venture capital sector in Ontario, so that more high-potential technology companies have access to the capital needed to grow and prosper. OCGC investment activities have resulted in over $300 million invested in high potential technology companies. OCGC’s venture capital investments have supported globally recognized, market leading companies such as Shopify and ecobee.

SOURCE Ontario Capital Growth Corporation

For further information: Ontario Capital Growth Corporation, 416-325-6874 (direct) / 1-877-422-5818 (toll free)


Ted Liu
Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, TechnologyMetals.ca, GoldSilverMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted was the architect of CVCA infobase, and is the architect of sophisticated and advanced CPE Media Private Capital Dealbase. Ted is President of CPE Media Inc., Canada's independent, trusted and unbiased data provider tracking Canadian VC/PE, private capital industry and public market.
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