NBIF Announces $3.5 Million Investment in Six Venture Capital Funds

[Fredericton, NB, October 13, 2023] NBIF is excited to announce a $3.5 million investment into six venture capital funds as part of its expanded investment strategy.

The announcement is the first phase of a multi-pronged strategy to increase equity investment in New Brunswick’s innovation-driven companies and is anticipated to stimulate an additional $50 million to $60 million into the province’s tech companies over the next three to six years.

NBIF is taking a position in three exciting Atlantic-based investment funds, Tidal Venture Partners, an emerging Seed Fund and two female-led entities supporting female-founded tech companies, Sandpiper Ventures, and WEL Atlantic.

NBIF is also backing three Canadian investment funds based outside Atlantic Canada, Brightspark, CMD Capital, and Two Small Fish Ventures, that are aligned with NBIF’s portfolio of maturing companies and have a strong track record of scaling Canadian tech companies.

This strategic investment will increase the amount of private capital in Atlantic Canada investment pools, stimulate more investment for New Brunswick startups, reduce frictions for NBIF portfolio companies that are scaling, and help forge new and stronger connections for tech companies scaling in New Brunswick.

“This is another example of NBIF taking a leadership position to ensure accessible and available venture capital for New Brunswick’s tech entrepreneurs. This investment aligns with NBIF’s commitment to enabling entrepreneurs to create the next generation of leading global tech companies in New Brunswick,” said Jeff White, CEO of NBIF.