On behalf of the Québec government, Investissement Québec has invested $46.5 million in the Teralys Capital Innovation Fund, which has received initial funding commitments totalling $279 million. Through BDC Capital, the Canadian government has also invested $46.5 million in the new fund, while a further $186 million comes from private companies and institutions.
Teralys Capital was selected to manage the new fund, which was created under the federal government's Venture Capital Action Plan (VCAP). The Québec and Canadian governments will inject $1 for every $2 committed by private investors to the new fund, up to a maximum of $62.5 million each.
The Teralys Capital Innovation Fund will be the only Canadian investor dedicated to all sectors of the knowledge economy—information technologies, life sciences and clean or industrial innovations. It will cover all investment stages from start-up to expansion and growth, providing innovative businesses the skills and capital required along every step of their development.
Federal Finance Minister Joe Oliver and Québec Finance Minister Carlos Leitão were present for the announcement of the fund’s launch. For more information, see the Québec Ministère des Finances press release