The following statement was read in the House of Assembly today by the Honourable Lin Paddock, Minister of Jobs, Growth and Rural Development:

Speaker, today I want to highlight the Provincial Government’s $15 million investment in Venture Newfoundland and Labrador III, managed by Pelorus Venture Capital. The first VNL fund with Pelorus was established by a Progressive Conservative government, and we are proud to carry forward that legacy of supporting innovation and economic growth.

Last night, I had the opportunity to join founders, investors and partners to celebrate the launch of VNL III and to see firsthand the strength and momentum within Newfoundland and Labrador’s technology sector.

This investment reflects our commitment to building a strong, innovative, and diversified provincial economy – one that creates opportunity, supports entrepreneurs, and delivers real results for Newfoundlanders and Labradorians.

Over the past 11 years, Pelorus has helped make highly successful investments in local tech companies – attracting $348 million from other investors, creating hundreds of jobs and building a portfolio of shares in companies that have a collective value of over $1.59 billion.

This success is being felt in communities throughout the province – from Appleton and Bay Roberts to Labrador City, Pasadena and Port Rexton, as well as on the Avalon Peninsula – through the creation of highly skilled, well‑paid jobs and the development of world‑class talent.

Our investment in Venture Newfoundland and Labrador III signals confidence in Pelorus as a proven fund manager and in the entrepreneurs who are building the next generation of globally competitive companies here at home and driving strong economic growth and diversification in our province.