Powerhouse VC fund gets $25M provincial gov. cash injection
Scale Up Ventures will connect high growth start-ups with corporate Canada to accelerate innovation.
TORONTO — Scale Up Ventures Fund has received an investment of up to $25 million from the Ontario government to provide the province’s promising start-ups with capital, mentorship and market access.
Led by the Chair Nadir Mohamed, former CEO of Rogers Communications, Scale Up Ventures has assembled a Leadership Council of more than 30 prominent Canadian executives. In addition to mentorship, they will provide access to their networks, opening up markets to which new companies would otherwise not have access.
The provincial investment is being matched with $25 million from private investors.
“[The fund] will not only help create the next generation of Canadian successes, but also help Canada remain competitive through innovation and access to emerging technologies,” said Mohamed.
The fund is expected to begin operations this summer and includes participation from executives representing Magna International, TD Bank Group, Aastra Technologies and GE Canada. It will target pre-series A sized investments in high growth technology companies in growing markets that have shown traction.
“We expect [the initiative] to help our company grow and assist start-up companies in Ontario become a more innovative, global competitive location in which to do business,” said Don Walker, CEO of auto parts manufacturer Magna International.
Scale Up’s leadership council includes: Nadir Mohamed (Chair), former CEO, Rogers Communications; Annette Verschuren, former CEO, Home Depot Canada, Chair and CEO, NRStor; Ashishkumar Chauhan, CEO, Bombay Stock Exchange; Bharat Masrani, CEO, TD Bank Group; Brian J. Porter, CEO, Scotiabank; Craig Muhlhauser CEO, Celestica; Dan Debow, Founder, Rypple; Dave McKay, CEO, Royal Bank; Don Walker CEO, Magna; Elyse Allan, President, GE Canada; Francis Shen, Founder, Aastra Technologies; George Cope, CEO, Bell Canada Enterprises; and Guy Laurence, CEO, Rogers Communications Inc.