Deloitte Canada launches new $150 million venture capital fund
Canadian startups will be aided by a new infusion of venture capital funding made available by Deloitte Canada.
The company announced today the launch of Deloitte Ventures, which is designed to make minority investments in emerging technology companies. The initiative is backed with a $150 million investment.
It will focus on financial tech, health and life sciences, consumer tech, cyber security, governance risk compliance, sustainability, and cleantech. Deloitte expects its investments will also accelerate the adoption of technological advancements, such as artificial intelligence and machine learning to optimize research and business operating efficiencies.
“Deloitte Ventures comes at a time when the pace of change is at an all-time high,” said Anthony Viel, CEO of Deloitte Canada, in a statement.
“The COVID-19 pandemic accelerated the adoption of technology by both clients and competitors, and it’s becoming increasingly clear that the old way of doing business is no longer relevant in the digital world. Deloitte Ventures is our commitment to stimulate Canada’s economy through investing in emerging technology companies that can lead globally, which has the added benefit of keeping our clients and Canadian business ahead of the disruption curve.”
The initiative will be led by Tim Christmann, the chief strategy and innovation officer of Deloitte Canada.
According to the Canadian Venture Capital and Private Equity Association, the company’s move followed a record $11.8 billion in venture capital funding within Canada across 568 deals in 2021. Substantial growth is expected in 2022.
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