BC - An increase in the amount of investment in the province, as well as the growth of local businesses is expected as a result of a new capital fund that has recently been launched.

"Attracting more private venture capital to B.C. will help our most promising and innovative companies to grow and create jobs," Colin Hansen, Minister of Economic Development.

Six venture capital fund managers have been selected to disperse the $90 million BC Renaissance Capital Fund (BCRCF). Interestingly, some of the money used for the new fund has been taken from the BC Immigrant Investor Fund which was created in 2001.

Arch Venture Partners, VantagePoint Venture Partners, Kearny Ventures, Walden Capital, Ventures West Management and Celtic House Partners have been selected as fund managers for the program.

"Venture capital is an important source of financing for new and expanding companies in the technology sector," said Pascal Spothelfer, BCTIA president and CEO.

It is hoped that the program will bring renewed attention to the province and allow for local companies to increase their revenue.

"This is a powerful opportunity for local and external venture groups to work together to bring wider attention to British Columbia," said Aspreva founder Richard Glickman. "Through the significant resources of the six managers, the BC Renaissance Capital Fund is a way to get larger funds to look at B.C. as an attractive place to invest."

For more information on the program visit its website at: www.equitycapital.gov.bc.ca.

If you enjoyed this article, be sure to visit CanadaOne's article knowledge base for more informative articles.