B.C. outpaced the rest of Canada in attracting venture capital investment, according to a study prepared for the Canadian Venture Capital and Private Equity Association by Thomson Reuters.
The study shows that investment activity in B.C. rose 71% in the second quarter of 2012. The province is punching above its weight by attracting more than 20% of all venture capital in Canada even though B.C. only has 13.2% of Canada's population.
The Thomson Reuters report notes B.C. saw that the largest deal made in Canada during the second quarter: D-Wave attracting a $35.9 million investment.
Vancouver is currently the second-largest economic centre in Canada, after Toronto, to receive venture-capital investment.
One of the B.C. government's investment-attraction initiatives, the B.C. Renaissance Capital Fund Ltd. (BCRCF), has committed capital to six U.S. and Canadian venture capital fund managers that have over $2 billion in capital under management for investment.
The BCRCF is a Crown corporation wholly owned by the BC Immigrant Investment Fund.
Its aim is to attract successful venture capital managers and their capital to B.C. to develop promising technology companies in four key technology sectors: digital media, information technology, life sciences and clean technology.
It has attracted more than $159 million in investment since its inception in 2007. Companies receiving that investment have created 968 full-time jobs, according to the B.C. government.
"Our government has been working hard to create a low-tax, stable-investment climate, which, combined with initiatives like the B.C. Renaissance Capital Fund, is growing our economy and creating jobs," said Jobs, Tourism and Innovation Minister Pat Bell in a release.
