BDC Capital Launches $150 Million IT Venture Fund II

BDC Capital is launching IT Venture Fund II, a $150 million venture capital fund for the Canadian information technology sector.

This second fund brings the amount under management by the BDC Capital IT Venture Fund group to $300 million,.

“The fund focuses on direct mid-stage investments in more mature startups that have a product in market and are already generating revenues from customers,” said Robert Simon, Managing Partner of the BDC Capital IT Venture Fund. “We wanted to address the mid-stage funding gap, or ‘capital crunch,’ facing growing software companies in Canada.”

Eleven investments have already been made from the new fund into rapidly growing companies like Waterloo’s Axonify, Vancouver’s Cymax and Montreal’s Hopper.

BDC Capital’s IT Venture Fund typically leads the majority of its financing rounds.

IT Venture Fund II was allocated from proceeds of previous IT Venture Fund investments and other earnings from BDC and BDC Capital.