The government had previously allocated CAN$400m for venture capital investments in its 2012 budget, and the city of Ottowa has now formally begun the process to gain further private funding of up to CAN$800m.
Should it reach its CAN$1.2bn target, the programme could operate across as many as four separate investment vehicles, the report said.
In addition, a portion of the capital could come from provincial governments, according to Richard Rémillard, executive director of the Canadian Venture Capital and Private Equity Association (CVCA).
While both the Ontarian government and the city of Ottowa have each allocated CAN$50m for venture capital investment, they are now seeking a further CAN$200m of private capital for their part of the fund, the report said.
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