Briefing

Caisse investing $50 million to support early-stage Quebec startups

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The Caisse de dépôt et placement du Québec is asking Montreal-based venture capital firm Teralys Capital to manage the fund. The pension is investing at the early stage as a way of growing the Quebec ecosystem, according to Charles Émond, head of global strategic planning: “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.” (The Logic)

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Talking point: The Caisse is looking to shore up its pipeline of Quebec startups as the fund is in the midst of a global tech push. In August, The Logic reported it was looking to launch a fund of up to $2 billion focused on “disruptive technologies,” while simultaneously challenging existing investments at risk of being disrupted. This $50 million comes as the Caisse is facing growing pressure from other early stage-focused funds. Voyager Capital raised a $130-million round earlier this month focused on early-stage funds, partially in Canada. Information Venture Partners raised a $96-million fund in September. The move also comes about a week after the Ontario Teachers’ Pension Plan made its own early-stage tech move through Koru, a Toronto-based incubator that it hopes will generate up to 20 new firms.