VANCOUVER and TORONTO — Telus Ventures announced today it is investing in a newly created Black Innovation Fund, which was launched today by Black Innovation Capital (BIC) and BDC Capital.
The fund is focused on investing in Canadian pre-seed and seed stage technology companies founded by Black entrepreneurs. The initial close of funding amounts to $6.4 million, with investors including RBC Ventures and Globalive Capital in addition to Telus Ventures.
“As one of Canada’s most active venture funds, Telus Ventures holds itself to an extremely high standard for finding and funding new and emerging technologies. It should be no different in ensuring we uncover, support, and nurture entrepreneurs from diverse backgrounds and communities,” said Rich Osborn, president and managing partner of Telus Ventures, in a statement provided to Cartt.ca. “With nearly 40% of our portfolio companies led by female or BIPOC CEOs, we continue to champion a diverse investment ecosystem and look forward to continuing our work with Ryerson’s Black Innovation Program and Black Innovation Capital to support the next generation of black entrepreneurs in Canada.”
BIC’s goal is to raise $10 million to support Black-founded tech companies through the new fund, says BIC’s press release.
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