Generalist · Montreal, QC

Investissement Québec

Quebec's state-owned investment arm; backs startups from pre-seed to growth via direct capital, debt and its $200M Fonds Impulsion early-stage fund.

← Investors in Quebec
Cheque
$250k to $2M
Role
Follows a lead
Pace
Deploying heavily
Kind
Generalist
Based in
Montreal, QC
Vehicle size
$200M
Founded
1998
Works in
FR + EN
Last deal seen
June 2026
Stages
Pre-seed, Seed
Sectors
Generalist

Their thesis, in full

Investissement Québec is the Crown corporation that channels Quebec public capital into the province's tech ecosystem. In 2025 it relaunched Fonds Impulsion, a $200M VC fund focused exclusively on pre-seed and seed Québec-headquartered tech startups (the successor to Impulsion PME). IQ writes cheques between $250k and $2M as a complementary co-investor alongside private VC. Application requires a reference from an approved ecosystem partner. The fund targets roughly 70 companies over 10 years and is sector-agnostic with an alignment lens on Québec's strategic priorities.

What they bring past the cheque

  • Quebec public capital depth
  • Complementary co-investment alongside a private lead investor
  • Ecosystem partner referral funnel
  • Capacity to reinvest in follow-on rounds
  • Sector-agnostic mandate

Questions they usually ask

Have an answer ready for each one before the first call.

  1. Which approved ecosystem partner will reference your application to IQ?
  2. How does your roadmap align with Quebec's current strategic priorities (AI, climate, life sciences, advanced manufacturing)?
  3. What private VC will sit in this round so IQ can play its complementary role?

Follow-on

Fonds Impulsion plays a complementary co-investor role next to private VC, with capacity to follow into subsequent Quebec rounds when private leads remain engaged. Founders coordinate the next round closely with the ecosystem referral partner.

Who to talk to

Portfolio

Names they back, most notable first.

  • VentionGrowth · 2026
  • OpaliaSeed · 2026
  • SBQuantumSeed · 2026
  • Sofistic.AISeed · 2026
  • EncephalXPre-seed · 2026
  • EPIK EatsSeed · 2026
  • Find TherapeuticsSeries A · 2026

Often in the same rounds

Investors seen alongside them in past rounds.

Similar investors

Overlapping sectors and stages. Useful to build a list of 10 to 20 names for one round.

See how they fit your round

Set your stage, sector and amount once. Fractal App tells you if Investissement Québec can lead it, tracks every follow-up, and counts the days of silence. Free, no card.

Open in the app →

Checked September 2026 from public sources. source ↗ · Website ↗ · LinkedIn ↗