A fund manager has been tapped to manage the BC government’s $100 million dollar venture capital fund aim at bolstering the province’s tech sector.
Interestingly, the winning firm was Kensington Capital Partners, based in Toronto. Kensington beat out multiple BC-based entities for the role.
When the BC Tech Fund was announced, it was stated that the successful fund manager would be required to have an office in BC. At the time Kensington did not have a Vancouver office but they have since opened one.
“I’m confident that Kensington will lead BC Tech Fund investments to good returns for the province and continue to grow B.C.’s tech sector,” said Amrik Virk, Minister of Technology, Innovation and Citizens’ Services. “This agreement represents the best deal for B.C. taxpayers; by investing in B.C. companies, the BC Tech Fund will drive job creation and help create the jobs of tomorrow.”
“We’re delighted that the B.C. government chose Kensington to manage the BC Tech Fund,” said Sinclair, managing director of Kensington Capital Partners.
The first startup to receive capital from the new fund is Mojio, a Vancouver company that connects cars to the internet. While the value of the transaction has not yet been disclosed, we know the BC Tech Fund wants to focus on Series A investments.
“The BC Tech Fund is a great example of how the provincial government is walking the walk when it comes to fueling tech innovation across B.C.,” said Mojio’s CEO, Kenny Hawk. “This funding will help us attract and retain top engineering talent and ensure we have the runway to launch in prioritized international markets throughout 2017.”
The fund is expected to last up to 15 years. Investments will be targeted in the technology sector, including digital media, information communications technology, and clean technology.