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Powering Canada’s Next Wave of Business Champions: BDC’s Black Entrepreneurs Fund set to expand leadership and scale

The $100M investment platform is designed to support scale, competitiveness and economic resilience

Toronto, May 21, 2026 – As Canadian businesses face a more uncertain economic environment and an accelerating wave of ownership transitions, greater emphasis is being placed on disciplined investment approaches that support scale and long-term resilience.

With its fund thesis and operating model established, a dedicated team in place and capital actively being deployed, the Business Development Bank of Canada (BDC) is setting out the investment approach guiding the Black Entrepreneurs Fund at this stage of its evolution.

BDC’s Black Entrepreneurs Fund (BEF) is a $100 million investment platform dedicated to supporting Black-led businesses with strong growth potential and promising business models. Its disciplined investment strategy backs Black entrepreneurs through:

  • Early-stage (primarily Seed and Series A) venture capital investments in high-potential and breakthrough companies positioned for significant scale;
  • Private equity solutions, including Entrepreneurship Through Acquisition (ETA), enabling Black entrepreneurs to acquire, grow and preserve established Canadian businesses, and;
  • Investments in Black-led general partners to strengthen the broader investment ecosystem.

By combining patient capital with operational expertise and strategic support, BEF helps build the next generation of Canadian business champions that create long-term value, strengthen communities and contribute meaningfully to Canada’s economy.

Scaling proven businesses with high growth potential

As per the Black Startup Funding Report published by BKR Capital and Rep Matters, “In 2025, venture funding to Black-led startups in Canada contracted sharply, with total capital raised declining to $10 million across 11 deals. Despite continued early-stage formation and active fundraising, Black founders’ market share fell to 0.15% of total Canadian VC funding.”

“Our goal is simple: help Black-led companies grow, acquire and ultimately become pillars of the community and Canadian champions” said Jason Baibokas, Managing Director, Black Entrepreneurs Fund, BDC Capital. “Entrepreneurship in the Black community has grown significantly in recent years, resulting in a stronger and more vibrant ecosystem. What has been missing is purpose-built capital for companies that have demonstrated traction and are ready for their next phase of growth - this is where we come in.”

Jason Baibokas leads the Black Entrepreneurs Fund’s investment strategy and execution, drawing on more than 25 years of working with high growth companies. Under his leadership, the Fund has established its governance and dedicated team, strengthened deal sourcing and diligence, and is supporting entrepreneurs beyond the initial investment as it deploys capital and scales its impact.

A comprehensive investment approach to a changing economic environment

The Black Entrepreneurs Fund deploys capital across multiple pathways to support scale, continuity and long-term value creation in Canadian businesses. As part of this approach, Entrepreneurship Through Acquisition (ETA) plays a strategic role in addressing succession pressures at a time when ownership continuity and patient capital matter more than ever.

According to a BDC study, 61% of SMEs are led by owners aged 50+, and nearly one in five plan to exit within five years, underscoring the need for prepared, well-capitalized buyers to keep viable businesses growing and anchored in Canada.

“Strengthening Canada’s economy requires looking across the full range of financing pathways. At BDC, inclusive financing means deploying capital where it can have the greatest impact, including through Entrepreneurship Through Acquisition (ETA), to help viable businesses grow, transition ownership and remain competitive,” said Roxanne Turcotte, Senior Vice President, Inclusive Investments.

This strategy builds on BDC Capital’s track record in ETA, including the Thrive Entrepreneurship Through Acquisition platform launched in 2025, which expanded acquisition pathways for women entrepreneurs.

About BDC, Canada’s bank for small- and medium-sized business owners

BDC focuses on small- and medium-sized business owners, providing them financing, investment, and advice. As Canada’s development bank, we also support entrepreneurs who don’t fit the traditional mold working with a network of partners and help develop underserved markets to unlock economic potential. Our mission is to build strong, resilient businesses that drive Canada’s economic growth. BDC is a perennial Canada’s Top 100 Employer and B Corp certified. Learn more at bdc.ca or connect with us on social media. 

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