Royal Bank of Canada (RBC) is launching a $1.4-billion fund aimed at investing in Canadian technology companies that the lender believes could grow into “global powerhouses.”
The country’s largest lender said the RBCx Growth Fund will focus on sectors where it believes the country’s greatest strengths lie, as a way to help Canadian entrepreneurs grow their businesses in Canada.
RBC chief executive officer Dave McKay plans to pitch the fund to foreign investors at next week’s Canada Investment Summit, which is part of Ottawa’s efforts to bolster its nation-building ambitions and diversify trade and global partnerships away from the U.S.
Stefanie Marotta, writing in the Globe and Mail: RBC launches $1.4-billion fund to invest in Canadian technology companies