Special Report: Overview of Private Venture Capital Funds in Quebec (2026 Edition) (Réseau Capital / CVCA)

Summary

• The number of private venture capital funds closed in 2023-2025 rose 15% compared with 2020-2022, the highest number raised since 2004.p.3
• Total amounts raised fell 44% over the same period.p.3
• In 2023-2025, 78% of closed funds and 37% of amounts raised came from seed-focused funds, the highest proportion observed.p.5
• Early-stage funds fell from 45% of funds and 43% of amounts raised in 2020-2022 to 13% of funds and 32% of amounts in 2023-2025.p.5
• Later-stage funds fell from 30% of funds and 50% of amounts raised in 2020-2022 to 9% of funds and 31% of amounts.p.5
• Public and parapublic sources now represent 55% of amounts raised, an 18 percentage point rise for Quebec sources between 2020-2022 and 2023-2025.p.8

Key insights

1. Seed funds had 21% of amounts raised from private Quebec sources and 28% from private sources outside Quebec, totalling 49%.p.9
2. Life sciences funds represented 20% of the number of funds but only 10% of amounts raised in 2020-2022.p.7
3. ICT funds dominate all periods studied, in both number of funds and amounts raised.p.7
4. Public and parapublic sources from the rest of Canada rose 7 percentage points.p.8
5. Public and parapublic Quebec sources account for 41% of emerging fund financing and 40% of established fund financing.p.11