VCs ink MOU with Bioindustrial Innovation Canada on co-investment prospects

Five venture capital firms have signed a Memorandum of Understanding (MOU) with Bioindustrial Innovation Canada (BIC) to explore investment opportunities. The five -- ArcTern Ventures, Cycle Capital Management, Fraser Mackenzie Merchant Capital, GreenSky Capital of Canada, and Paris-based Sofinnova Partners – are looking into investments in the bioeconomy and clean technology. The MOU allows the VCs to search for co-investment projects and exchange information during the process of studying investment potentials. However, each company is free to decide whether or not to participate in a potential investment. BIC is a not-for-profit group which hosts the Centre for Commercialization of Sustainable Chemistry Innovation, a publicly funded hub for the commercialization of sustainable chemistry and bio-based innovation for small- and medium-sized enterprises (SMEs) in southern Ontario.