On October 17, 2022, the Manitoban Government announced the appointment of the inaugural board of the province’s Venture Capital Fund (VCF). The VCF is an independent, professionally managed fund that will be instrumental in helping Manitoba-focused businesses grow and thrive. The board members, made up of five highly accomplished business leaders were welcomed by Premier Heather Stefanson and Economic Development, Investment and Trade Minister Cliff Cullen.
The VCF was established with a $50-million government investment, as part of Budget 2022’s focus on building the economy, and will partner with private-sector capital to substantially expand the breadth of capital available for Manitoba-focused businesses. This initial $50-million injection of capital into the fund is slated to grow to $150 million over the next several years, creating even more opportunities for business owners with big ambitions, the premier noted.
The individuals appointed to the VCF board are:
- chair – Mike Pyle, CEO, Exchange Income Corporation (appointed by the Business Council of Manitoba);
- Marshall Ring, CEO, Manitoba Technology Accelerator (appointed by the Manitoba Technology Accelerator);
- Ray Bouchard, CEO, Enns Brothers (appointed by the Manitoba government); and
- Barb Gamey, chancellor, University of Winnipeg (appointed by the Manitoba government); and
- Steve Kroft, president, Falcon Capital Corporation (appointed by the Business Council of Manitoba).
Premier Stefanson expressed her support for the VCF initiative stating: “I am very excited to chair the Venture Capital Fund, which will help address capital availability to these companies which has not always been readily available in the past without leaving Manitoba,” said Pyle. “Capital is the fuel for successful growing businesses and the Manitoba government’s investment, alongside private equity, will enable powerful new businesses and rapidly growing companies to stay in our province, create good jobs and increase our tax base.”
Additionally, as part of Budget 2022, the Small Business Venture Capital Tax Credit has been made permanent. This tax credit provides a non-refundable Manitoba tax credit of up to 45 per cent to individuals and corporations who acquire equity capital in eligible Manitoba enterprises.
You can read more about the VCF Board announcement here