Québec's Tech Ecosystem & Venture Capital Market Overview Q4 2025 (Réseau Capital / CVCA)

Summary

• In 2025, Québec recorded 122 venture capital deals totaling $1.0 billion, with total dollars invested declining by 48% compared to 2024.p.4
• Québec's active tech startup base includes approximately 2,565 companies, of which 393 companies, or 15%, received venture capital financing.p.5
• The Greater Montréal Area accounts for 1,820 active startups, or 71% of the total.p.6
• The seed stage rebounded in 2025 with 73 deals totaling $166 million, representing 60% of total deal count and 17% of total dollars invested.p.15
• The average venture capital deal size in Québec reached $8.2 million in 2025, compared to the Canadian average of $14.1 million, placing the province sixth nationally.p.15
• In Q4 2025, $273 million was invested across 30 VC deals, and total dollars invested declined by 45% compared to Q4 2024.p.18
• Convertible debt was the most frequently used angel investment instrument in 2025, accounting for 54% of deal count.p.13

Key insights

1. ICT ranks first among funded startups with 161 companies representing 41% of the total and US $2,035 million invested.p.9
2. Experienced founders are behind 97 funded startups, representing 25% of the total.p.9
3. Anges Québec had 164 members in 2025, with an average amount invested per angel investor of $76,843 and a 2% conversion rate of applications.p.10
4. No transaction exceeded $100 million in 2025, while Ontario and British Columbia recorded six and two transactions above that threshold, respectively.p.14
5. Dollars invested at the early and later stages declined by 23% and 60%, respectively, year-over-year.p.15
6. Rounds of $5M and less account for 65% of disclosed venture capital deal count.p.19
7. The ICT sector totaled $316 million across 62 transactions, its lowest annual level since 2015.p.20
8. Venture debt activity among Québec-based companies totaled 19 transactions and $90 million in 2025.p.24
9. Nearly 22% of companies that secured venture capital financing between 2014 and 2025 were AI-native, and 31% of total VC dollars invested in Québec went to AI-native companies.p.26
10. The top disclosed transaction was dcbel Inc. at $79 million, followed by Xposure Music at $60 million.p.22