Ontario jump-starts new venture capital fund

Ontario is putting up half of a $50-million venture capital fund aimed at assisting start-up companies that have demonstrated initial market success and strong growth potential. The province's $25-million investment in the Scale Up Ventures fund will be matched by private investors to provide firms with a combination of investment and mentorship, with the latter provided by a new 30-member Scale Up Leadership Council. A fund manager will be chosen by a team that includes Nadir Mohamed (CEO Rogers Communications), Sabi Marwah (former Scotiabank COO), Michael Nobrega (former OMERS CEO) and Scott Bonham(partner at GGV Capital). Investments are expected to range from $500,000 to $3 million with potential for follow-on investment. Scale Up Ventures funding was announced in the April 23rd provincial Budget….