N.B. adds $15M to Atlantic venture fund

New Brunswick has kicked in $15 million to a regional venture capital fund set up by Nova Scotia in April to support emerging companies in Atlantic Canada.

New Brunswick is the first Atlantic province to join the fund which will aid companies involved in clean technology, life sciences, information technology and other high-growth sectors. 

"Regional co-operation is a leading priority for our government, and it is vital to addressing the lack of venture capital available to our entrepreneurs today," Premier David Alward said Sunday in a press release.

"By working with Nova Scotia and other partners we can provide the strategic support needed to create new success stories here in Atlantic Canada."

Nova Scotia committed $15 million in its 2011-12 budget to create a new, privately operated, regional venture capital fund, targeting opportunities throughout Atlantic Canada.

Nova Scotia Premier Darrell Dexter welcomed New Brunswick's contribution to the fund.

"Knowledge-based companies create good jobs, help grow the economy, and are vital to the future prosperity of all of Atlantic Canada," Dexter said in the release.

"Premier Alward recognizes this, and I look forward to working with him to expand the fund and bring on other partners."

Dexter discussed expanding the fund with federal colleagues in Ottawa last week, and with Atlantic premiers last month.

The fund will invest in high-potential companies that do not yet have the cash flow to secure financing from traditional lenders.

Nova Scotia and New Brunswick will continue to work with private-sector partners, institutional investors and the federal government to ensure the companies with the most potential can compete.