BKR Capital, the first Canadian venture capital fund dedicated to black-led businesses sets up office in Montréal

• BKR Capital also announces an investment in GOODEE, its first in a Québec company

MONTRÉAL, Feb. 1, 2022 /CNW Telbec/ - BKR Capital (formerly known as Black Innovation Capital), announced it is opening an office in Québec. Caisse de dépôt et placement du Québec (CDPQ), through Teralys Capital, and Fondaction will commit $4.5 million to this first Canadian venture capital fund dedicated to black-led businesses. These additional funds were raised by investors such as EDC, Westbridge, Vancity and Laidlaw Foundation, among others, who joined existing institutional investors BDC Capital, RBC, Globalive and Telus Venture. Already present in Ontario, BKR Capital will open offices in Montréal at Espace CDPQ, a venture capital hub created by CDPQ. 

"BKR Capital offers concrete solutions to a real challenge faced by Black entrepreneurs, which is obtaining financing to start and grow their businesses," said Wils Theagene, Senior Director, Equity 25³ at CDPQ. "As investors, we are proud to support the mission of BKR Capital through our commitment to Teralys Capital, to whom we have entrusted the fund management mandate for emerging fund managers."

Launched in 2021, the fund aims to invest in pre-seed and seed-stage Canadian technology companies founded by Black entrepreneurs. BKR Capital benefits from a differentiated flow of business, notably through partnerships with the DMZ's Black Innovation Program, the HEC Montréal Entrepreneurial Base and the close ties it maintains with Black communities across Canada. BKR Capital intends to act as a catalyst for entrepreneurial initiatives in technology within Black communities, including those in Québec, which represent nearly 30% of the total Black population of Canada.

"With the funds, we plan to support 18 innovative companies over the next four years and help create the next Canadian success stories.  Our objective is to capitalize on high-potential opportunities, primarily ignored by the main market players," explained Lise Birikundavyi, Co-founder and Principal of BKR Capital.  "Québec is full of talented entrepreneurs from our communities who are managing to move forward despite the disparity of opportunities. We are thrilled to have the support of institutions such as CDPQ, Teralys Capital and Fondaction, investors who share our vision that a more inclusive business universe ultimately benefits everyone."

"Our participation in BKR Capital is part of our commitment to a more inclusive economy. With the network of technology industry leaders and investors committed to providing advice and mentorship to the fund and the values of diversity and inclusion that drive it, this first national initiative of its kind has the potential to positively change the financial ecosystem that brings together technology companies in the country," said Marc-André Binette, Deputy Chief Investment Officer at Fondaction.

First investment in a Québec company
BKR Capital also announced an investment in GOODEE, a Québec-based B Corp certified online retailer specialized in furniture and accessories, lifestyle products and sustainable design.

Founded in June 2019 by designers Byron and Dexter Peart, GOODEE is an avant-garde platform that brings together the values of good design, good people and good purpose. Inspired by the UN's 17 sustainable development goals, GOODEE is first and foremost a digital marketplace that provides a solution to several urgent social and environmental issues such as reducing poverty, gender equality and the fight against climate change.

"As Black entrepreneurs, we understand the importance and opportunity offered by the role we play in reshaping the narrative and representation of what a good company is," stated Dexter Peart, Co-Ceo and Co-Founder of GOODEE. "We are inspired by the strength of BKR Capital's commitment to supporting the positive impact and innovation in growing companies, and we are very honoured to be their first investment in Québec."

ABOUT BKR CAPITAL
BKR Capital (formally Black Innovation Capital) manages the first venture capital fund dedicated to black-led businesses in Canada. The $20M fund focuses on pre-seed and seed investments in technology and technology-enabled ventures with the objective of providing transformational capital to disruptive enterprises often answering unmet needs from minority communities. It aims to unlock hidden financial value and opportunities through the creation of a more inclusive business ecosystem. For more information about BKR Capital, visit our website, follow us on Twitter or consult our Instagram or LinkedIn pages.

ABOUT CDPQ
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2021, CDPQ's net assets totalled CAD 390 billion. CDPQ has also created Equity 25³, an investment fund that will deploy $250 million over four years to increase diversity and inclusion in companies in Québec and Canada. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.

About Teralys Capital
Teralys Capital is a private fund manager financing private venture capital funds investing in information technologies, life sciences, and clean or industrial innovations. Our partner funds cover the entire investment spectrum from early stage start-ups to expansion, growth and technology buy-outs. With $2B in assets under management across 3 recent venture capital fund of funds and 2 additional legacy portfolios of funds, Teralys is the largest innovation-focused investor in Canada. For more information visit the website www.teralyscapital.com

ABOUT FONDACTION
A forerunner in sustainable finance for the past 25 years, Fondaction brings together individuals that are mobilizing for the positive transformation of society, taking action to make Québec's economy more equitable, inclusive, green and successful. As a labour-sponsored fund, Fondaction represents tens of thousands of savers and hundreds of companies committed to helping Québec progress.  It manages net assets of more than $2.96 billion invested in hundreds of businesses and in financial markets, prioritizing investments that generate positive economic, social and environmental impacts in addition to a financial return. Fondaction helps create and maintain quality jobs, reduce inequalities and fight climate change.  For more information, go to fondaction.com or our LinkedIn page.

ABOUT GOODEE
In 2017, designers and entrepreneurs Byron and Dexter Peart embarked on a new mission. After founding the acclaimed brand WANT Les Essentiels in 2007, the twin brothers set out on a new venture to launch and develop meaningful brands dedicated to offering sustainable solutions for modern living. This time, however, the pair decided to work exclusively with artisans and products that make a positive social or environmental impact. Introduced in summer 2019, GOODEE is a Certified B Corporation that leads the way toward a market that brings together the values of good design and good purpose. With a fast-growing team based in Montréal, Byron and Dexter serve as the principal curators for the global online retail platform, which also includes numerous inspiring stories. In 2020, GOODEE joined 1% For The Planet, whose members contribute at least 1% of their annual sales to environmental causes and was notably a finalist for Fast Company's 2020 World Changing Ideas Awards, in the Art and Design category. In addition, GOODEE was named one of Fast Company's 2021 World's Most Innovative Companies. https://www.goodeeworld.com/

SOURCE Caisse de dépôt et placement du Québec

Lise Birikundavyi, Co-founder and Principal, BKR Capital, [email protected]