The Canadian federal government selected six funds that will receive a collective $50M capital allocated for the life science stream under the Venture Capital Catalyst Initiative (VCCI).
AllosteRx Advanced Therapies, Amplitude Ventures, CTI Life Sciences Fund, Genesys Capital, Pender Ventures, and Sectoral Asset Management are the fund managers set to receive the funding.
The federal government renewed the VCCI program with a $450M commitment under three streams.
- Out of the committed capital, $350M was earmarked for funds of funds and $50M each for life sciences and inclusive growth streams.
- The exact distribution of the $50M capital was not disclosed. However, per The Logic, CTI will receive $5M from the VCCI program.
- CTI intends to divert the proceeds towards its third fund, which has secured $132M in commitments so far.
