Quebec’s VC world is rolling

McQueen%2C%20Mark44X64.jpgPosted by Mark McQueen, CEO Wellington Financial LP
Dateline: Montreal
The first sign of Montreal’s vibrant business environment was a completely full Porter flight. Our team had a couple of great tech stories to see: firms that would rank very well against any of their industry competitors around the globe. Each appears to be busting at the seams on the staffing and real estate front, two natural signs of succesful growth stories. Hopefully we’ll be able to get them the growth capital that almost every successful private co. needs.
But, as indications go, it is the recent financing and hiring transactions that utlimately provide insight into the health of a VC market, and Quebec scores very well on that front:
Advitech raised $2.5 million in November
Coveo raised $8.2 million in December
Medicago raised $11.6 million in December
PCI Geomatics raised $1.5 million in September
Rho Canada recruited Roger Chabra in December
StatusNet raised $1 million in October
Tandem Expansion Fund I L.P. closed its $300 million fund in December, hiring David Bookbinder, Andre Gauthier, Christopher Legg, Alex Moorhead, Sandy Scott and Deb Shaw
Teralys began to invest its recently-closed $700 million fund-of-fund, with a $75 million commitment to Tandem
TeraXion raised $11 million in December
Topigen raised $26 million in November
Vantrix raised $3.2 million in September
The financing data suggests that Quebec has closed as many financings as Ontario over the past four or five months, despite the stark difference in population bases. There’s no question that things are rolling in Quebec, just as the troika had hoped when the VC industry was cashed-up in 2007: 70% of the new limited partner capital raised that year went to VC funds based in Quebec (see prior post “Digging through the 2007 Venture stats” Feb 13-08).
The people who had the vision to make those choices are now seeing their confidence in Quebec’s VC sector bear fruit. To borrow a line from the movies: “I love it when a plan comes together.”

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