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BIC signs Memoranda of Understanding with five venture capital firms

Bioindustrial Innovation Canada (BIC) has announced that it has signed Memoranda of Understanding (MOU) with five key venture capital (VC) companies investing in the Canadian bioeconomy and cleantech space. According to BIC, these partnerships will ensure that investee companies have sufficient capital to achieve their goals.

A.J. (Sandy) Marshall, Executive Director of Bioindustrial Innovation Canada (BIC).

We are extremely pleased to have such significant organizations in the bioeconomy and cleantech investment space indicate their willingness to partner with BIC to seek investment opportunities. This enhances BIC’s ability to support early-stage companies with clean, green and sustainable technologies for the benefit of Ontario and Canada, said A.J. (Sandy) Marshall, Executive Director of Bioindustrial Innovation Canada (BIC).

According to a statement, a key element to the success of Bioindustrial Innovation Canada (BIC) is its ability to lever its investment funding by forming strong working alliances with other venture capital funding organizations as these partnerships ensure that investee companies have sufficient capital to achieve their goals.

It is the intention of these VC companies to work with BIC to seek out potential co-investment opportunities. Should an opportunity arise, these parties agree to exchange information as required to assess the potential of an investment. However, BIC stresses that each party remains free to make its own investment decision.

The five organizations that have executed these agreements with BIC are:

  • ArcTern Ventures (Toronto, ON)
  • Cycle Capital Management (Montreal, QC, Toronto, ON, Qingdao, China, New York and Seattle, USA)
  • Fraser Mackenzie Merchant Capital (Toronto, ON)
  • GreenSky Capital (Toronto, ON)
  • Sofinnova Partners (Paris, France)

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