Early stage companies in British Columbia’s technology sector
are getting additional support from the B.C. government with the establishment of the BC Tech Fund
. The $100-million BC Tech Fund was recently launched with the announcement of a fund manager and an initial investment into a B.C. technology company.
Kensington Capital Partners
, a venture capital firm with strong experience and connections in B.C., has been selected to manage the BC Tech Fund. Kensington announced its first investment will be into B.C. start-up Mojio,
a leading open platform for connected cars, headquartered in Vancouver.
Mojio provides elements needed for enterprise customers to quickly launch secure car applications and services. The funding fuels Mojio at a critical time, as the company is launching nationwide with a wireless carrier partner in the United States and across Europe with its strategic investor, Deutsche Telekom.
“The BC Tech Fund is a great example of how the provincial government is walking the walk when it comes to fueling tech innovation across B.C.,” said Mojio’s CEO, Kenny Hawk. “This funding will help us attract and retain top engineering talent and ensure we have the runway to launch in prioritized international markets throughout 2017.”
The BC Tech Fund will focus on investments in early stage companies in the B.C. technology industry
, including digital media, information communications technology (ICT), life sciences/health care and clean technology. Companies like Sierra Wireless and Ballard Power Systems are examples of B.C.-based firms that have used venture capital to grow their business and become global leaders in the technology sector. The fund also aims to further strengthen B.C.’s venture capital ecosystem, which has flourished in recent years. B.C. has more people working in technology start-ups than anywhere else in Canada; they’re supported by 25 incubator and accelerator programs throughout the province.
Technology companies setting up operations in B.C. benefit from the diverse and educated talent pool, competitive tax structure and close proximity to key U.S. technology centres, such as Seattle and Silicon Valley. For more information on investing in B.C.’s technology sector contact one of our International Trade and Investment Representatives.