The C$50m ($49.3m) Build Ventures venture capital fund has now launched with support from three Canadian provincial governments.
The fund has been backed by the governments of Nova Scotia, New Brunswick and Prince Edward Island and venture capital firms BDC Venture Capital and Technology Venture Corporation.
The three provinces provided C$32.5m, while BDT and Technology Venture committed C$10 and C$5m respectively.
In addition, Managing partners Rob Barbara and Patrick Keefe also have contributed C$1m to the fund.
Barbara and Keefe have already started looking for and vetting suitable businesses in Atlantic Canada. They are also in talks with other North American venture funds that are interested in investing in companies based in the region.
Keefe said, “We’re really encouraged by the start-up activity we’ve been seeing in Atlantic Canada over the last few years.
“We look forward to backing – and then working closely with – the most promising entrepreneurs as they build strong, game-changing companies that can compete globally.”
Keffe previously served as vice president of investment at Innovacorp, where he was responsible for overseeing the firm’s early stage venture capital activities.
Prior to joining Build ventures, Barbara spent 11 years with Burgundy Asset Management in Toronto.
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