Generalist · Montreal, QC
Fondaction
Quebec's impact-first LSVCC, CSN-anchored.
- Cheque
- $500k to $5M
- Role
- Can lead a round
- Pace
- Selective right now
- Kind
- Generalist
- Based in
- Montreal, QC
- Founded
- 1995
- Works in
- FR + EN
- Last deal seen
- August 2026
- Stages
- Seed, Series A, Series B and later
Their thesis, in full
Fondaction is Quebec's second labour-sponsored venture capital corporation (LSVCC), founded in 1995 by the CSN union. With CAD$4.54B in net assets at 31 May 2026, it deploys capital with an explicit impact lens: positive economic, social and environmental outcomes alongside financial returns. Its capital is invested largely in hundreds of Quebec companies and in partner funds, with a bias toward enterprises that practice participatory management, social economy structures (cooperatives, employee-owned) or environmental stewardship. Anchor LP in Canadian climate funds, notably Active Impact Investments Fund III, which it co-anchored in 2023. Latest direct investment was Icentia in August 2026.
What they bring past the cheque
- Explicit impact lens (social, environmental)
- LSVCC tax credit context
- Participatory management bias
- Climate fund anchor LP
- Patient capital for impact ventures
Questions they usually ask
Have an answer ready for each one before the first call.
- What measurable impact outcome will your company deliver alongside financial returns?
- Is your governance structure participatory, cooperative or employee-owned in any way?
- How does your business model reduce environmental or social negative externalities at scale?
Follow-on
Backed by CAD$4.54B in net assets and a long-horizon LSVCC structure, Fondaction follows on across multiple rounds when impact thesis stays intact, and also recycles via fund LP positions (Active Impact, climate vehicles).
Who to talk to
- Rose MarcelloVice-presidente et cheffe de l'InvestissementLinkedIn ↗
- Louis De La Haye DuponselChef adjoint, Fonds et co-investissementsLinkedIn ↗
Portfolio
Names they back, most notable first.
- Nexus Innovations2026
- BioAlert SolutionsSeed · 2025
- LOOP MissionGrowth · 2024
- Active Impact Investments Fund III2023
- SOFIAC2022
- Still Good2021
- Turtlebrace2026
- Icentia2026
Often in the same rounds
Investors seen alongside them in past rounds.
- BDC Capital
- Mirova
- Northleaf Capital Partners
- Boann
- Co-operators CVC Fund
- Deloitte Ventures
- InBC
Similar investors
Overlapping sectors and stages. Useful to build a list of 10 to 20 names for one round.
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