Constellation Software, a Toronto-listed tech firm, has become the latest Canadian group set up a corporate venture capital fund.
Constellation has set up VMS Ventures to provide $200m over a three-to-five-year period for software businesses, most of which will have been either incubated or identified by a sponsoring Constellation business unit.
While Constellation already invests in dozens of small initiatives and will continue to do so, VMS Ventures under managing partner Daan Dijkhuizen will invest in larger initiatives.
Mark Leonard, president of Constellation (CSI), said: “Organic growth will be a critically important part of CSI’s enduring success.”
Constellation’s fund follows similar moves by local corporations Thomson Reuters and Spin Master so far this year while at the start of the month Jill Earthy was appointed the first CEO of InBC Investment, a newly-created Crown corporation responsible for a C$500m strategic investment fund for British Columbia, Canada.
