Atlantic Canada VC fund swells to $37.5 million

Moncton-based Technology Venture Corp (TVC) and the Government of Prince Edward Island have joined a (still unnamed) new Atlantic Canada venture capital fund, boosting the committed total to $37.5 million. TVC is contributing $5 million to the fund while PEI is contributing $2.5 million. The Nova Scotia and New Brunswick governments have already committed $15 million each and if Newfoundland contributes a similar amount, as expected, the total will be more than $50 million. The idea for the fund originated with Halifax-based Innovacorp, which also manages the Nova Scotia First Fund and the Clean Tech Fund (R$, February 3/12). In the latest quarter, Atlantic Canada attracted $15 million for 11 companies, about 15% of the Canadian total invested in that period. New sources of VC are being sought to capitalize on the $15-billion, 20-year contract awarded to Halifax Shipyard for new combat ships for the Canadian navy….