Province Makes $100M Investment in BC Tech

October 25, 2016

BC – The BC government has recently launched a new $100-million BC Tech Fund, followed by the announcement of a fund manager and an initial investment in a BC company.

After a comprehensive proposal and assessment process involving 12 proponents, Kensington Capital Partners has been selected as the successful firm to manage the BC Tech Fund.

Kensington has 20 years of experience, market credibility and strong connections to the BC tech sector, having invested more than $100 million here previous to this deal. As a condition of the agreement, Kensington is establishing a Vancouver office. Dr. Gerri Sinclair, who has a long history of supporting BC’s technology industry, will lead Kensington’s Vancouver office and BC operations.

“We’re delighted that the BC government chose Kensington to manage the BC Tech Fund,” said Sinclair, managing director of Kensington Capital Partners. “Between the Kensington team’s extensive investing expertise across several platforms – we invest to achieve the best possible financial returns – and my own deep industry connections and market knowledge, we look forward to playing an even more important role in building out the emerging technology ecosystem in the province.”

As an active participant in the BC venture capital market, Kensington is attuned to potential investments in BC companies – and as a result of its detailed due diligence, today confirmed the first investment from the BC Tech Fund with Mojio, the leading open platform for connected cars, headquartered in Vancouver.

Mojio provides all the elements needed for enterprise customers to quickly launch secure, branded connected car apps and services all powered by Mojio. This 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.

Investments will be targeted in the technology sector, including digital media, information communications technology (ICT), life sciences/health care and clean technology. Over the lifetime of the agreement, BC Tech Fund investments in BC companies will help those businesses create high-paying jobs for British Columbians and substantially increase the province’s technology footprint.

All BC Tech Fund investments are made by Kensington. Kensington will also work with stakeholders from all regions of the province on activities that will help grow BC’s venture capital system. Specifically, Kensington will:

  • Help create new venture capital funds in BC through ecosystem-building activities.
  • Help attract investment into BC tech companies and BC-based venture capital funds.
  • Help BC companies connect with strategic partners to help them grow their business.
  • Help develop solutions for regional issues related to accessing venture capital.

Kensington will also manage the existing venture capital investments of the BC Renaissance Capital Fund, which has already helped create more than 1,000 jobs and attracted more than $350 million in investment into BC companies.

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