North Vancouver’s Seaspan has created a corporate venture capital fund to invest in Canadian small and medium-sized businesses developing technologies for defence, marine and dual-use applications. The fund was announced at Seaspan’s Defence & Marine Industry Day, co-hosted with the Association of British Columbia Defence and Marine Industries, and will pair minority equity investments with industry access and mentorship.

The aim is to help those companies bring technologies to market, grow, fit into the shipbuilding supply chain and sell at home and abroad. Seaspan will find, assess and manage the investments directly, matching capital to what industry needs, and the fund remains subject to government reporting, verification, audit and oversight requirements.

The announcement did not say how large the fund will be or how many companies it expects to back.

The fund draws on the venture capital fund provisions in Canada’s Industrial and Technological Benefits Policy, as well as Seaspan’s Value Proposition obligations under the National Shipbuilding Strategy, and is intended to support Seaspan’s industrial participation commitments under that strategy. The investments are meant to line up with the Canadian Coast Guard’s and the Royal Canadian Navy’s priorities for capability, industry and supply chains.

The structure is meant to keep what these investments produce, from intellectual property to capabilities and high-value jobs, in Canada. The fund will be managed from Seaspan’s North Vancouver headquarters.

“This fund brings together disciplined capital allocation and Seaspan’s shipbuilding expertise to help Canadian companies commercialize and scale technologies with clear market potential,” said James Clarke, chief financial officer of Seaspan. He added that taking part as a strategic partner gives Seaspan a way to build long-term value while supporting Canada’s marine and defence industrial base.

The fund complements Seaspan’s recently signed memorandum of understanding with the Business Development Bank of Canada, a partnership that also aims to support Canadian companies through a pilot program offering capital and mentorship advice.

Seaspan designs, builds and repairs ships for government and private-sector customers, and employs more than 5,700 people in North Vancouver and Victoria.