Montréal, Québec, July 29, 2009 – The Business Development Bank of Canada (BDC) is proud to announce that its venture capital division has been ranked among the world's top 100 venture capital funds.
The rankings were the result of a study conducted by Red Herring, a California-based bi-weekly publication covering the business of technology. Its Top Global VC 100 followed an eight-month analysis of more than 1,000 known and active venture funds across the globe.
We are pleased to be recognized as one of the world's leading technology-based venture capital funds. It confirms that we are a key player in this industry," said Jacques Simoneau BDC's Executive Vice President, Investments. "We put a lot of effort into building world-class technology-based companies and it is encouraging to know that we are making a difference. We intend to continue to take a leadership role in this industry. The extra funding recently provided by the Government of Canada will strengthen our efforts to help Canadian high-tech ventures grow in the current economy."
The Government of Canada announced in June that it will provide BDC with $350 million over three years to help drive venture capital investment in promising Canadian technology businesses. This funding for venture capital is designed to assist growth-oriented firms to get the funds they need to innovate and boost the Canadian economy. In addition, in May, 2009, BDC announced that it had committed $75 million in the Tandem Expansion Fund which was created to provide financing to Canadian technology growth companies and help them compete in the global economy. The investment was allocated by the Government of Canada to support the creation of a new privately-run venture capital fund. Tandem expects a first close on the Fund of $300 million in the coming months.
In conducting its analysis, Red Herring ranked the relative weight and contribution of each firm and used a multi-criterion, weight-averaged model. Their comparisons included information regarding portfolio companies' performances for each of the firms. BDC Venture was one of only three Canadian funds that made the Top Global VC 100 list.
About BDC
BDC is Canada's business development bank. From more than 100 offices across the country, BDC promotes entrepreneurship by providing highly tailored financing, venture capital and consulting services to entrepreneurs.
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Johanne Bissonnette
Media Relations Manager
BDC
514-283-7929
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