Quebec goes on tech quest with $6m fund
Quebec is looking for tech start-ups to finance with a new CA$7.6 million ($5.8 million) fund.
The government of Quebec, through Investissement Quebec, will contribute CA$2 million to ACET Capital 2 SEC of the Accelerator for the Creation of Technology Companies (ACET). This investment comes from the Economic Development Fund. The ACET Capital 2 LP fund is capitalised for CA$7.6 million.
There will also be CA$1.4 million from the National Bank and CA$4.2 million from 21 private investors.
Luc Fortin, MP for Sherbrooke, Minister of the Family and Minister responsible for the Estrie region, says: “Through its mission and its presence, ACET is helping to propel Quebec start-ups to take full advantage of the ongoing digital revolution.”
The Quebec plans also include the usual access to private investors, an ecosystem, and a business model for “best practices”.
There are some specifics as the fund intends to invest in equity in 20 to 25 ACET tech firms over the next four years.
According to ACET, since its creation in 2011, it has supported nearly 80 business projects in various technology sectors, and these projects have created more than 260 jobs.
A question of Quebec
Quebec has been doing pretty well recently.
Back in June, Finance Montreal created its Montreal Fintech Station with financial support from the government of Quebec.
The station’s mission will be to support the development of new businesses in the sector and help financial institutions with digital revamps.
This new physical space is set to open its doors in autumn 2019.