Premier Kathleen Wynne says a new fund for venture capitalists will stimulate Ontario’s entrepreneurial juices.
The premier announced a $50-million provincial contribution to the new fund Tuesday at Extreme Startups, a Toronto-based company that invests in new businesses.
“This new fund is intended to support promising companies that create high-value jobs and opportunities,” Wynne said in announcing the fund.
Wynne says the fund is necessary to help create jobs in Ontario by keeping those with ideas for startups well-funded without having to leave the probince.
“Ontario is committed to supporting a strong venture capital industry that will ensure our most promising individuals can get the capital they need to help their companies expand,” she said.
The federal government will also pony up $50 million for the program.
With the assistance of private sector investors, organizers of the fund hope to eventually raise $300 million.
