RBC Pours Billions into Canadian Tech
The Royal Bank of Canada (RBC) has announced a significant investment in Canadian technology companies. The RBCx Growth Fund will provide up to $1.4 billion in funding to select businesses, with individual investments ranging from $416 million. This move aims to support energy, AI, healthcare, and other tech sectors by giving them the necessary capital for growth.
The fund's creation is a response to the lack of domestic leadership in growth funds, where only 33% are led by Canadian investors. Dave McKay, RBC president and CEO, expressed the bank's ambition: 'a future where more of the world's next great companies build in Canada and stay in Canada.'
The RBCx Growth Fund will be headed by Sid Paquette, who will lead the fund's efforts to support Canadian technology companies. The move is seen as a step towards nation building, ensuring that top talent remains in Canada.