The Ministry of Economic Development, Innovation and Export has partnered with Anges Québec for the creation of a fund of venture capital by $30 million for startups. The money will be allocated specifically to embryonic business sector of information technology and industrial technology.
Ultimately, the fund Capital Anges Québec is expected to benefit 20 to 30 projects. Through Investissement Québec, the government provides a down payment of $20 million while partners are contributing $10 million.
The Quebec angels’ network serves as a link between the entrepreneurs and the funds. In fact, it will be the gateway to the requests and will provide assistance to analyze investment projects and prepare financing proposals. Young entrepreneurs will get tips from mentors and former senior executives, early in the process. Anges Québec has now 100 members.
“With the expertise of angel investors, the fund will adequately support those who have a desire to create a business, develop and grow,” said Minister Hamad.
The new venture capital funds is an addition to other measures of entrepreneurship in Québec strategy introduced last fall and also new measures in the recent provincial budget.