IT sector to receive millions in funding

To support the development of promising early-stage IT companies in Canada, the BDC Venture Capital IT Fund is investing $100 million worth of new commitments.

This builds on the $50 million already committed to the sector.

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“Canada’s IT sector is alive with great entrepreneurs eager to transform ideas into commercial success, jobs and growth,” says Robert Simon, senior managing partner of the BDC venture capital fund.

The BDC fund has invested in many companies, including Radian6, Opalis, Bycast and Q1 Labs. Its current portfolio includes Beyond the Rack, Layer7, AppNeta and Blueprint, with recent investments in BuildDirect, Quickmobile, Datacratic, Privacy Analytics, and LemonStand.

Read: Investing in startups

This latest financing occurs on the heels of a substantial restructuring of BDC Venture Capital, as the organization has worked to rejuvenate the ailing health of Canada’s venture capital sector.

Read: Tech start-ups struggling

The company typically invests in early stage companies focused on enterprise, Internet or mobile. Initial financing rounds can vary from $100,000 to $2.4 million.

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