A Canadian who made his mark and money helping build technology companies in the U.S. is building a new venture capital fund in Ottawa to fund promising local start-up businesses. Code Cubitt has returned to Canada to help establish a venture capital fund in Ottawa. (Supplied photo)

Canadian Code Cubitt spent the past decade and a half raising money for U.S. technology firms, but has come to Ottawa at the behest of Invest Ottawa head Bruce Lazenby to help set up the new fund.

"I thought if we were going to create a fund, we'd need a general partner who was so credible investors would line up and be eager to write a cheque," said Lazenby.

Cubitt, the managing director of Mistral Venture Partners, now has a team in place in both Ottawa and Silicon Valley, California and has been courting angel investors here in Ottawa.

Fund targets $35M in venture capital

"The target is $35 million....and what that translates to is 15 to 20 investments at an early stage," said Cubitt. Invest Ottawa, formerly the Ottawa Centre for Regional Innovation, set up in February this year at a new location on Aberdeen Street off Preston Street. (Google Street View)

Cubitt admits the fund's target is small compared to the kind of money that was being doled out a dozen years ago.

But he said the idea of the fund is to get in early on new opportunities.

"You know there's plenty of smart people who are underfunded. In my experience, that's an opportunity," he said.

Cubitt said he hopes to start handing out money to Ottawa start-ups by the end of the year.