In 2013, the Government announced the Venture Capital Action Plan (VCAP), as a market oriented approach to put Canada's venture capital (VC) industry on the path to sustainability, make it more globally competitive, and increase the availability of financing for innovative Canadian firms.
Under VCAP, the Government deployed $390 million in new capital through two streams:
- Funds-of-funds stream investing $340 million to establish and recapitalize large scale private sector-led funds-of-funds in partnership with institutional and corporate strategic investors, and interested provinces
- High-performing funds stream investing $50 million in existing high-performing VC funds in Canada
VCAP recipients
Funds-of-funds selected under VCAP
- HarbourVest Canada Growth Fund II
- Kensington Venture Fund II
- Northleaf Venture Catalyst Fund II
- Teralys Capital Innovation Fund 2018
High-performing funds selected under VCAP
Recipient fund managers raised additional private sector capital and made investments in VC funds (funds-of-funds stream) and innovative firms (all streams).
Recipients are responsible for engaging with and making their own decisions with respect to investments in venture funds and companies, without involvement from the Government of Canada.
For more information on VCAP recipients, please visit the recipient fund managers page.
Program results and impacts
VCAP investments have generated significant impacts on the VC ecosystem. Based on latest available data, as of December 31, 2024:
$390 M
invested by the Government of Canada in recipient funds
$1.9 B
raised by recipient fund managers, from public and private investors
$3.5 B
invested in Canadian companies by supported VC funds,Footnote 1 from all investment sources
For more information, please visit the program results and impacts page.