Addressing a critical gap
With nearly 76,000 skilled workers in more than 2,000 firms, Ontario enjoys one of the largest life sciences clusters in North America. However, it trails other jurisdictions – particularly in the United States – when it comes to access to early-stage investment capital. The result is that many of Canada’s promising life sciences innovators are opting to relocate to places like Boston and Silicon Valley to get their companies off the ground.
The Genesys University Seed Fund addresses this critical gap. By providing early-stage life sciences companies with access to venture capital, U of T and McMaster are following similar models at American universities such as MIT, the University of Pennsylvania, the University of California, Berkeley and Harvard University. The result will be a higher number of university-affiliated life sciences startups choosing to stay and grow in Ontario, bringing innovations to benefit patients and spur economic growth.
“Ontario is home to one of the most dynamic life sciences ecosystems in North America, and access to early-stage capital is essential to maintaining this advantage,” said Vic Fedeli, Ontario minister of economic development, job creation and trade. “Through Venture Ontario, our government is proud to support an initiative that will bridge the gap from breakthroughs to commercialization by bringing together leading investors and research institutions. By helping more life sciences companies start, scale and succeed in Ontario, we are unlocking the full power of our economy and safeguarding the long-term competitiveness of this critical sector.”
The seed fund will have a positive long-term impact across the province by enabling Ontario to attract and retain more life sciences talent as well as generate additional investment to grow the sector – a key part of Venture Ontario’s mandate.
“Venture Ontario is proud to help anchor this early-stage life sciences fund, bridging the gap between world-class university research and the development of life sciences treatments, therapies and devices,” added Steve Romanyshyn, president and CEO of Venture Ontario. “By backing local talent with vital capital, we are driving both societal benefits and strong economic returns. This initiative signals to domestic and global investors that Ontario and Canada are premier destinations for high-impact innovation.”
Building momentum from success
The fund will be overseen and managed by Genesys Capital, one of Canada’s leading life sciences venture capital firms, with more than $400 million invested over the past 25 years. Genesys Capital is an active partner in biotechnology, pharmaceuticals and medical technology startups, with 20 exits representing billions in value as a founding investor.
“Access to capital is the lifeblood of any healthy economy, especially in a high-tech area like the life sciences,” said Kelly Holman, co-founder and managing director of Genesys Capital. “Genesys Capital has been proud to support many cutting-edge health startups including companies coming out of U of T and McMaster. This early-stage venture fund will elevate this work to exciting new heights.”
