CVCA praises Federal Government's roll out of the "Venture Capital Action Plan"

TORONTO, Sept. 26, 2013 /CNW/ - CVCA- Canada's Venture Capital and Private Equity Association is very encouraged by the Federal Government's progress on the roll out of its "Venture Capital Action Plan" (VCAP) following its announcement this week on the launch of the Canada Accelerator and Incubator Program (CAIP) as well as the $50 million investment announced last week in high-performing venture funds.

This week's announcement follows last week's commitment by the Government to invest in a few key high-performing venture capital funds with a substantial presence in Canada.

The CVCA Member fund recipients include: Summerhill Ventures II, a fund focused on investment opportunities in the information and communication technologies sector; CTI Life Sciences Fund II, a fund focused on investment opportunities in the life sciences sector; Real Ventures Fund III, a fund focused on investment opportunities in the information and communication technologies sector; and, Lumira Capital II, a fund focused on investment opportunities in the life sciences sector.

'These supportive measures are helping to support the growing number of best-in-class Canadian entrepreneurs as they seek to create and build world-class companies in key innovation sectors such as information technology, media, biotechnology and life sciences.  A process which, in turn, facilitates the commercialization of domestic research and development and creates new and high value add jobs for Canadians." says Richard Rémillard, Executive Director of the CVCA.

The CAIP continues the elaboration of the Federal Government's VCAP that is helping to ensure that Canada's promising innovative start-up firms have the resources required to grow and succeed. The plan provides $60 million over five years to help outstanding and high-potential incubator and accelerator organizations expand their services to worthy entrepreneurs.

CVCA and its members are looking forward to the next phase of the VCAP, namely the selection of the fund of funds managers who will be tasked with deploying VCAP funds into venture capital funds in Canada.

CVCA
The CVCA - Canada's Venture Capital & Private Equity Association, was founded in 1974 and is the association that represents Canada's venture capital and private equity industry. Its over 2000 members are firms and organizations which manage the majority of Canada's pools of capital designated to be committed to venture capital and private equity investments.  The CVCA fosters professional development, networking, communication, research and education within the venture capital and private equity sector and represents the industry in public policy matters. www.cvca.ca

SOURCE: CVCA - Canada's Venture Capital & Private Equity Association