First Nations Venture Capital launches $45 M fund for Indigenous communities
First Nations Venture Capital of Quebec (FNVCQ) is launching its second Indigenous-focused fund with a $45 million envelope.
It will enable Indigenous communities to capitalize on the opportunities arising from Hydro-Québec’s $200 billion investment plan over the next decade. The fund creators said they also see opportunities in the mining industry.
FNVCQ II targets four sectors: tourism, construction, renewable energies, and service providers for the natural resources industry.
One goal for the fund, they said, is to contribute to the emergence of a significant company in a key sector, such as construction.
The investments will range from $500,000 to $7 million. The financing combines four Indigenous partners (the Native Benefits Plan, the Montagnais Economic Development Corporation, the Native Commercial Credit Corporation, and the Assembly of First Nations Quebec-Labrador) with four non-Indigenous ones (the Ministry of Economy, Innovation, and Energy, the Fonds de solidarité FTQ, CAP Finance Social Finance Fund, and Desjardins Capital.)
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