BC outpacing rest of Canada in attracting investment
BC is outpacing the rest of the nation in investment attraction, according to a new report which shows that investment activity rose by 71 per cent in the second quarter compared to 2011.
Vancouver is currently the second-largest economic centre in Canada to receive venture-capital investment, second to Toronto.
The report, prepared for the Canadian Venture Capital and Private Equity Association by Thomson Reuters, shows that investment activity in BC rose by 71 per cent in the second quarter (Q2) this year compared with 2011.This represents the largest investment gain in the country with BC attracting more than 20 per cent of all venture capital invested in Canada.
"This report speaks to the great confidence that investors currently have in British Columbia. Our government has been working hard to create a low-tax, stable-investment climate, which, combined with initiatives like the BC Renaissance Capital Fund, is growing our economy and creating jobs," SAID Minister of Jobs, Tourism and Innovation Pat Bell in a release.
The Thomson Reuters report also shows the largest deal made in Canada during the Q2 happened in British Columbia, with D-Wave attracting a $35.9-million investment.
As one of the BC government's successful investment-attraction initiatives, the BC Renaissance Capital Fund Ltd. (BCRCF) has worked to attract over $159 million in new investment since its inception in 2007.
The purpose of the BCRCF is to attract successful venture capital managers and their capital to British Columbia. It was created for the purpose of pursuing investment in four key technology sectors: digital media, information technology, life sciences and clean technology.
The companies receiving that investment have created 968 full-time jobs.