Organization: Fonds de solidarite FTQ

The Short Report, December 11, 2019: Wexit spooks Wattpad; Montreal’s swelling video-game sector; North promises better next time

The Toronto-based e-publisher Wattpad has chosen to open its second headquarters in Halifax rather than Calgary, due to concerns about Western separatism and the elimination of Alberta tax credits supporting companies in the innovation economy. Five business tax credit programs were cut, including the Investor Tax Credit introduced by the previous NDP government, which provided a 30%…

Quebec life sciences strategy targets $4 billion in foreign investment

The long-awaited 2017-2027 Quebec Life Sciences Strategy is positioning the province to be in the top five North American life sciences clusters within a decade. The strategy aims to leverage its scientific expertise, particularly in precision medicine and big data, by attracting $4 billion in private investment to boost industry employment and increase the number of Quebec-based firms and their contribution to provincial GDP.

VC investment surging to best performance since 2001

Canada’s venture capital industry closed the third quarter with its best investment performance since 2001, driven by 11 large deals worth $50 million or more for a total of $774 and a nine-month total of $2.5 billion. Information technology accounted for $1.6 billion or 62% of the investment total in the year-to-date, followed by life…

FTQ cites federal tax credit as it boosts investment plans

Fonds de solidarité FTQ has launched an ambitious new investment strategy in response to the federal government’s decision to restore its tax credit for labour-sponsored venture capital corporations (LSVCCs) (R$, April 4/16). FTQ plans to make $3 billion in new investments in Quebec by 2020, including investments in key tech-based sectors and new partnerships with…

XPND capital raises $75 million

XPND Capital has closed its second fund with $75 million from institutional and private investors. The XPNDCROISSANCE Fund is aimed at transforming Quebec-based companies in traditional sectors such as transportation into innovative businesses by acquiring and implementing leading-edge technologies. Investments to date include Téo, an electric taxi project and Lion Bus, a manufacturer of electric…

Wormixity raises $2M for monitoring technology

Montreal-based Wormixity Technology Inc has raised $2 million to increase the size of its computer development team for its real-time mobile application for monitoring manufacturing production. The funds were secured from Montreal’s W Investments and Fonds de Solidarité FTQ. Wormixity is located in Montreal’s Cité de Multimedia and is a growing player in the so-called…

AmorChem supports orphan drug development

Montreal-based venture capital fund AmorChem LP is investing in the research of Dr Pascal Chartrand to develop a therapeutic treatment for myotonic dystrophy, a rare hereditary disease for which there is no current cure. AmorChem will provide an undisclosed amount of funding to Univalor, the technology transfer and commercialization arm of the Univ of Montreal,…

BDC, Solidarité fund invest in US venture firm

BDC Venture Capital and Fonds de solidarité FTQ are making commitments of $20 million and $10 million respectively to San Mateo CA-based Sanderling Ventures which, in return, will establish permanent operations in Montreal. The money will be used to establish a parallel fund to Sanderling’s Venture Fund II to invest in early-stage life sciences projects…