HALIFAX – The three Maritime provinces are contributing $32.5 million to a new regional venture capital fund that will be privately managed.
The Nova Scotia government says the Build Ventures fund is aimed at helping companies that have had limited access to venture capital in the past.
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The fund stands at $48.5 million, with Nova Scotia and New Brunswick contributing $15 million each, and P.E.I. putting in $2.5 million.
Technology Venture Corp. of Moncton is contributing $5 million and the fund managers a total of $1 million.
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As well, BDC Venture Capital, an arm of the Crown-owned Business Development Bank of Canada, is contributing $10 million.
The fund will be managed by Patrick Keefe, who previously worked for Innovacorp, and Rob Barbara, an investment manager at Toronto-based Burgundy Asset Management.
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