Quebec Venture Capital and Private Equity Market Overview Q3 2025 (Réseau Capital / CVCA)

Summary

• In venture capital, 85 deals totaling $676 million were recorded in Quebec since the beginning of the year, with deal count and total funding down 10% and 55% versus the first three quarters of 2024.p.3
• In Q3 2025, Quebec recorded 23 VC deals for $108 million, a 23% decline in deal count and a 63% drop in total funding compared to Q2 2025.p.4
• Since the beginning of 2025, Quebec has recorded 278 private equity transactions totaling $31.3 billion, representing 58% of all PE deals and 55% of total capital invested across Canada.p.5
• In Q3 2025, private equity invested capital reached $12.8 billion, a 453% increase compared to Q2 2025, driven by Innergex ($10 billion), Terrion ($1.3 billion) and 5C Group ($1.1 billion).p.5
• The ICT sector led VC activity with 40 deals totaling $206 million, representing 47% of deal count and 31% of total funding.p.4
• The seed stage recorded 47 deals totaling $121 million, accounting for 55% of all deals and 18% of total capital invested.p.4
• Deals over $100 million account for 95% of all capital invested in private equity, with buyout invested capital down almost 92% and growth up nearly 89%.p.3

Key insights

1. The average VC deal size of $7.95 million places Quebec fifth among provinces.p.3
2. The average PE deal size reached $151 million in Q3 2025 and $113 million year-to-date, second nationally behind Ontario at $220 million.p.5
3. Six of the ten largest PE transactions in Canada in 2025 were completed in Québec.p.5
4. Transactions worth $5 million or less represent 63% of disclosed PE deals.p.5
5. Rounds of $5M or less represent 65% of disclosed VC deal count.p.14
6. Year-to-date, the early and later stages recorded declines of 36% and 40% in invested amounts compared with the same period in 2024.p.16
7. Venture debt activity among Quebec-based companies totaled 14 transactions for a total of $33 million year-to-date.p.19
8. The three largest disclosed PE transactions of 2025 are Garda World Security Corp ($14 billion), Innergex Renewable Energy ($10 billion) and Héroux Devtek Inc. ($1.4 billion).p.22
9. The industrial and manufacturing sector recorded 97 transactions worth $2.2 billion, 35% of Quebec's private equity deals.p.26
10. 5 of the 10 most active venture capital investors in Canada are based in Québec.p.18