Innovacorp, the venture capital and innovation agency owned by the Nova Scotia government, sank $5.6 million into startups in its 2016-17 fiscal year, continuing at the same pace as the previous three years.
The agency released the numbers last week in its annual accountability report, which outlines its finances and investments in the 12 months that ended March 31.
Last year at this time, Innovacorp was warning that it might have to fund its investments in the future from exits as its Nova Scotia First Fund was running out of money. But the province in October freed up $40 million to refinance the fund, ensuring several more years of investment. And the Crown corporation said Nova Scotia still has a way to go to reach the national average in terms of investment in innovation.
“Although per capita venture capital in Nova Scotia has surged from $19 to $54 to $67 over the past three years (adjusted for population growth), the Canadian average has demonstrated parallel growth from $53 to $64 to $88,” said the report. “This leaves a gap of $21 per capita, or 24 percent, between the Nova Scotian and Canadian averages.”
Read more in Entrevestor.