RBC Pours $1 Billion into Canadian Tech Growth Fund

RBCx Growth Fund is a new $1-billion USD fund launched by the Royal Bank of Canada (RBC) to support scaling Canadian technology companies. The fund will make direct equity investments in growth-stage domestic tech firms, providing access to commercialization opportunities and strategic partnerships.

RBC plans to pour up to $300 million USD of its own capital into this fund and secure the remainder from third parties. According to RBC president and CEO Dave McKay, 'For decades, Canada has produced an outsized share of world-class entrepreneurs and tech talent who want to build global companies at home,' but often get pulled elsewhere when they're ready to scale.

The bank hopes to keep 'more of the ownership, influence and economic upside' of Canadian firms in Canada. The RBCx Growth Fund will prioritize companies developing enterprise software, healthtech, frontier tech, cleantech, and AgTech solutions.