- It just got a lot easier to start a business in Quebec, thanks to the CDPQ.
- The investment company has teamed up with Teralys Capital to provide $50 million to support startups in the province.
- Does your business idea quality? Check out the details below.
If you've ever considered starting a business in Quebec, it just got a lot easier to receive funding, so this could very well be your moment.
La Caisse de dépôt et placement du Québec (CDPQ), in partnership with Teralys Capital, has announced that it will provide an addition $50 million in seed funding to support startup companies in the province.
The funds will help "foster the emergence of new, innovative companies." According to a press release, the CDPQ has had a long-term commitment to seed funding for startup businesses. The CDPQ has seen success with its involvement in companies such as Hopper, Breather, Dialogue, and AlayaCare.
The CDPQ writes that "seed funds are critical to providing not only financing but ongoing support for new companies." Seed funds help startup businesses get off the ground by providing them with a certain amount of capital to fund the business' concept, in exchange for partial ownership of the business.
Along with Teralys Capital, a private fund manager with over $2 billion in assets, the CPDQ hopes that a wide range of industries will be able to take advantage of various seed funds. The money will come directly from Teralys Capital and business will benefit from a close partnership with various fund managers.
The CDPQ tells MTL Blog that the funds will help innovative businesses grow and prosper in the province of Quebec and they are dedicated to helping foster entrepreneurship.
“This CDPQ initiative dedicated to local seed funds fits well with our desire to help expand entrepreneurship in Québec by providing support with high added value,” says Éric Legault, Managing Partner at Teralys Capital.
“We are proud of CDPQ’s renewed confidence, which over the last ten years has allowed Teralys Capital to build the largest Canadian investor specialized in innovation right here in Montréal.”
In recent years, it's been easier for small businesses and startups to grow in Quebec. Two months ago, the Government of Canada announced that it will lower the small business tax rate to 9%.
The CDPQ says that the funds will help foster various businesses and each one will be tailored to the unique needs of the startup.
The CDPQ is one of Canada's leading institutional fund managers. They invest globally in major financial markets "private equity, infrastructure, real estate and private debt."
One of their most recent investments was in Bird scooters, which just saw its first foray into the Montreal market this summer.
Teralys is an "innovation investor" that invests primarily in information technologies, life sciences, and industrial or green technologies.
Startups will be able to take advantage of these funds as soon as they are made available!
For more information about the CDPQ, please visit their official website.