The University of British Columbia (UBC) and InBC Investment Corp. (InBC), a strategic investment fund established by the provincial government, are partnering to create the UBC Catalyst Ventures Fund.
This new investment fund, announced by Minister of Jobs and Economic Growth Ravi Kahlon, will accelerate and scale up innovative companies that are translating UBC research and bold ideas into new products, services and treatments and delivering economic, social and environmental benefits for B.C. The fund will focus on investing in spinoff companies created from licensed UBC research discoveries and other eligible companies established by UBC faculty, staff, students and recent alumni. The fund will initially prioritize investments in life sciences and deep tech—two areas in which UBC has long been a global leader in fundamental research discoveries, talent development and commercialization.
As co-lead investors, UBC and InBC are each providing $10 million toward this unique academic public-private partnership. The fund is raising additional investment from private investors to increase its investable capital up to a potential total of $40 million.
“UBC and InBC are working together to anchor and grow companies in B.C. and further the impacts of UBC’s research and innovation in the province, across Canada and beyond. This collaboration exemplifies UBC’s strategic goals of partnering for purpose and generating economic and social impact,” said UBC President and Vice-Chancellor Benoit-Antoine Bacon. “This partnership will enable companies to scale in B.C. and extend the impact of UBC’s research and innovation. It is a perfect example of what we can do by working together.”
“Some of the most impactful businesses in North America have begun at UBC,” said Kahlon. “Access to capital is as competitive as ever, and it’s vital that we find new ways to support these innovative companies to grow, create jobs and stay right here at home in B.C. UBC and InBC’s initiative, representing one of the largest government investments of its kind in Canada, works in parallel with our Look West strategy, supporting a stronger, more resilient and more diverse economy that everyone in B.C. will benefit from.”
“British Columbia is home to world-class research and development, and this fund will accelerate the growth of university-related innovations,” said Thomas Park, InBC’s chief investment officer. “We are proud to partner with UBC, one of Canada’s largest research-intensive universities. This partnership aligns with our goal to attract more capital to B.C. and scale more businesses, anchoring them here to generate economic and jobs growth in the province.”
UBC’s investment in the fund is facilitated by the past record of success of earlier UBC spin-off companies and licensees. Discoveries by UBC researchers have formed the basis of more than 280 spin-off companies and licensed discoveries have led to products, services and treatments that have generated an estimated $13 billion in sales across multiple sectors.
InBC invests in innovative private companies and investment funds that can generate economic and jobs growth in B.C. while contributing to social and environmental impacts. InBC’s commitment in the fund is mobilizing public-private partnerships as a strategy to drive more investment in the province, supporting the growth of B.C. businesses.
Article sourced from UBC News
