Ontario unveils $270-million startups boost
Venture capital fund aims at job creation
TORONTO — The Ontario government has unveiled a venture capital fund that will inject $270-million into fledgling, entrepreneurial companies as part of a job-creation plan for a province struggling with a shrinking manufacturing sector.
The government said yesterday that it will invest $90-million in the new fund, with the balance coming from the private sector. So far, four pension fund managers and financial institutions have agreed to invest a total of $75-million. They are Ontario Municipal Employees Retirement System, Royal Bank of Canada, the Business Development Bank of Canada and Manulife Financial.