The vehicle will target early-stage companies in Canada developing digital healthcare technology as well as products that can encourage environmental sustainability, responsible agriculture and social and economic inclusion.
The first three recipients of capital from the fund are microfinance scheme Windmill Microlending, impact investment fund Rhiza Capital and Tidal Vision, a developer of chemicals based on the chitosan biopolymer found in crustaceans.
Jill Schnarr, chief social innovation officer at Telus, said: “As a leading corporation in the world, we have an accountability to invest in new responsible businesses to ensure their success and impact.
“At Telus, we boldly believe profit and purpose are mutually inclusive and we are doing our part to support purpose-driven businesses that are addressing the needs of our communities today, as well as those we expect to be significant drivers of our economy for years to come.”
Telus also has a corporate venture capital unit, Telus Ventures, which manages a 24-strong portfolio that includes capital optimisation platform developer Taulia, connected car technology provider Mojio and League, a producer of health benefits management software.
