Quebec Entrepreneurship and Investment Capital Market Overview Q3 2025 (Réseau Capital / CVCA)

Summary

• So far in 2025, Quebec recorded 85 venture capital deals totalling $676 million, a 55% decrease versus the same period of 2024.p.4
• So far in 2025, Quebec recorded 278 growth capital deals totalling $31.3 billion, representing 58% of deals and 55% of amounts in Canada.p.5
• The largest disclosed Q3 growth capital deal, worth $10 billion, involved Innergex Renewable Energy.p.5
• ICT led venture capital activity in 2025 with 40 deals totalling $206 million, or 47% of deal volume.p.4
• Seed stage rebounded in 2025 with 47 deals totalling $121 million, representing 55% of deals and 18% of amounts invested.p.11

Key insights

1. The average venture capital deal in Quebec is $7.95 million, below the Canadian average of $12.74 million.p.11
2. The $676 million invested across 85 deals is the lowest level of venture capital activity since 2015.p.11
3. Life sciences stood out in Q3 with 7 deals totalling $61 million, or 57% of amounts invested.p.15
4. Start-up and post-start-up stage amounts are down 36% and 40% versus the same period of 2024.p.16
5. The three largest growth capital deals of 2025 are Garda World Security Corp. ($14 billion), Innergex Renewable Energy ($10 billion) and Heroux-Devtek ($1.4 billion).p.22
6. Q3 growth capital was driven by Innergex ($10 billion), Terrion ($1.3 billion) and 5C Group ($1.1 billion).p.24
7. Deals of $100 million and more account for more than 95% of growth capital amounts invested.p.25
8. Six of the 10 largest Canadian growth capital deals of 2025 were completed in Quebec.p.5
9. Venture debt activity in Quebec totals 14 deals worth $33 million so far in 2025.p.19