Caisse putting $50 million towards Quebec seed funds
The Caisse de dépôt et placement du Québec is committing $50 million towards Quebec seed funds and is charging venture capital firm Teralys Capital with supporting the funds it invests in.
Seed funds are venture capital funds dedicated to supporting new startups with financing and ongoing support.
“Without a rich and dynamic startup ecosystem, there is a risk of considerably fewer quality investment opportunities in the subsequent growth and maturity phases, especially in disruptive niches,” said Charles Émond, the Caisse’s executive vice-president and head of Quebec investments and global strategic planning, in a press release. “It is therefore key to invest at the very start, when companies are created, and then monitor their progress over time.”
The Caisse said another funding commitment goal is to professionalize new Quebec seed managers and make sure they engage in funding best practices.
The organization has upped its involvement in Quebec venture capital funds over the past five years, including investing in various seed funds, such as Anges Quebec Capital, InnovExport and Real Ventures. Those funds were among the backers of Quebec startups Hopper, Breather Products Inc., Dialogue and AlayaCare, in which the Caisse later directly invested.