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NEWS RELEASE

For Immediate Release
2012JTI0098-001195

Aug. 21, 2012

Ministry of Jobs, Tourism and Innovation

 

 

B.C. attracting investment

 

VICTORIA – British Columbia is outpacing the rest of the nation in investment attraction.

 

A new report prepared for the Canadian Venture Capital and Private Equity Association by Thomson Reuters shows that investment activity in B.C. rose by 71 per cent in the second quarter (Q2) this year compared with 2011. This represents the largest investment gain in the country with B.C. attracting more than 20 per cent of all venture capital invested in Canada.

 

The Thomson Reuters report also shows the largest deal made in Canada during the Q2 happened in British Columbia, with D-Wave attracting a $35.9-million investment. Vancouver is currently the second-largest economic centre in Canada to receive venture-capital investment. (Toronto is the first largest.)

 

As one of the B.C. government’s successful investment-attraction initiatives, the B.C. Renaissance Capital Fund Ltd. (BCRCF) has worked to attract over $159 million in new investment since its inception in 2007. The companies receiving that investment have created 968 full-time jobs.

 

Quotes:

Minister of Jobs, Tourism and Innovation, Pat Bell —

“This report speaks to the great confidence that investors currently have in British Columbia. Our government has been working hard to create a low-tax, stable-investment climate, which, combined with initiatives like the B.C. Renaissance Capital Fund, is growing our economy and creating jobs.”

 

Phillip Abrary, president & CEO, Ostara Environmental —

“Ostara's ability to attract the attention of global cleantech funding leader VantagePoint Capital Partners early in our development was directly supported by the B.C. Renaissance Capital Fund's involvement with VantagePoint. It's fair to say that in this way, the BCRCF helped to pave the way for Ostara's growth — the same way it has continued to foster the growth and development of innovation here in the province over the past five years.”

 

Learn More:

To access the Thomson Reuters report, please call JTI Media Relations.

 

Contact:

 

Media Relations

Ministry of Jobs, Tourism and Innovation

250 356-8177

BACKGROUNDER

 

 

 

 

B.C. Renaissance Capital Fund

 

·         The purpose of the BCRCF is to attract successful venture capital managers and their capital to British Columbia.

 

·         The BCRCF was created for the purpose of pursuing investment in four key technology sectors: digital media, information technology, life sciences and clean technology.

 

·         To date, the BCRCF has committed capital to eight venture-capital fund managers based in the United States and Canada. These fund managers have over $2 billion in capital under management for investment.

 

·         The objectives of the BCRCF are to:

·         Generate superior, risk-adjusted returns for the capital committed.

·         Increase the probability that innovative new goods and services in British Columbia gain full-scale commercialization.

·         Increase the depth of the venture-capital market in British Columbia.

·         Enhance the visibility of British Columbia as an attractive market for venture-capital opportunities in North America and globally.

·         Over $159 million have been invested in 17 B.C. companies, of which $39 million was capital contributions from the BCRCF.

 

Contact:

 

Media Relations

Ministry of Jobs, Tourism and Innovation

250 356-8177

 

Connect with the Province of B.C. at: www.gov.bc.ca/connect