Toronto – September 12, 2026 -- RBC has unveiled a $1.4 billion (US$1 billion) initiative to back Canadian technology companies aiming to scale into global leaders, anchored by a new direct-equity vehicle called the RBCx Growth Fund I.
RBC commits up to $416 million of its own capital to the fund
RBC will invest up to $416 million (US$300 million) directly into the fund, which targets late-stage Canadian companies in energy, agriculture, AI, healthcare and frontier technologies. Beyond capital, portfolio companies gain access to RBC's commercialization networks, strategic partnerships and expansion support.
Canadian investors lead only 33% of domestic growth rounds versus 74% in the U.S.
Over the past decade, roughly 74 per cent of U.S. growth-stage funding rounds have been led by domestic investors, compared with just 33 per cent in Canada, where foreign investors have filled the gap. RBC frames the fund as a mechanism to retain ownership, influence and economic upside from scaling Canadian companies domestically rather than ceding control abroad.
Sid Paquette, Head of RBCx, will lead the fund's investment strategy
The fund will be run by Sid Paquette, who heads RBCx, RBC's technology and innovation arm. Paquette said early discussions have already drawn investor interest tied to Canada's innovation talent and rising confidence in the country as a long-term investment destination.
Fund prioritizes five sectors: enterprise software, health tech, frontier tech, energy transition and ag tech
Target areas include applied AI, cybersecurity, and data and analytics within enterprise software; digital health and clinical software platforms; aerospace, dual-use defence, quantum and advanced computing under frontier tech; carbon management and energy transition; and precision agriculture, field automation and supply chain technology under ag tech.
Canada ranks 2nd globally in the 2025 Kearney FDI Confidence Index
RBC cites Canada's positioning as a top investment destination: 2nd in the Kearney FDI Confidence Index, projected 2.0 per cent real GDP growth in both 2025 and 2026, and 2nd-best G20 country for ease of doing business through 2030. The country also offers access to 51 markets worth a combined US$72 trillion in GDP, a workforce where 65 per cent hold college or university degrees, and a 13 per cent tax rate on new business investment—the lowest in the G7 and below the U.S. rate of 16.9 per cent.
Dave McKay, RBC's President and CEO, said the fund is designed to ensure Canadian entrepreneurs no longer need to relocate abroad to scale their companies, calling it central to the bank's nation-building ambitions.