A list of 14 active Quebec investors backing startups in 2026. Covers VCs, fintech funds, cleantech firms, and government-backed vehicles across Montreal - with recent deals, check sizes, sector focus, and LinkedIn profiles for each.
Quebec pulled in $231 million in venture capital in Q1 2026 alone. Montreal is the second-largest VC city in Canada after Toronto, and the gap is closing.
The city's edge is unusual: world-class AI research through Mila, generous R&D tax credits, bilingual talent, and a stack of government-backed co-investors that de-risk early bets. That combination attracts both local and cross-border capital.
The challenge is figuring out who's actually writing checks right now. Quebec has a lot of players - private VCs, provincial funds, federal vehicles, and everything in between. Many operate in parallel and co-invest regularly.
This list focuses on 14 investors that closed deals in the last 12 months. No zombie funds, no firms between raises with nothing to deploy. Before you start outreach, make sure your fundraising data room is ready - Quebec's co-investment culture moves faster than most founders expect.
All 14 Quebec investors at a glance
| Stage | Check | Sectors | Contact | |
|---|---|---|---|---|
| Inovia Capital | Seed-Pre-IPO | $2M-$50M+ | SaaS, AI, Healthcare | inovia.vc |
| Luge Capital | Seed, Series A | $1M-$5M | Fintech, AI | luge.vc |
| Real Ventures | Pre-seed, Seed | $500K-$3M | Tech, B2B, Consumer | realventures.com |
| Brightspark Ventures | Seed, Series A | $1M-$5M | Software, SaaS | brightspark.com |
| White Star Capital | Pre-seed-Series B | $500K-$20M | AI, SaaS, Fintech | whitestar.vc |
| Boreal Ventures | Seed | $500K-$3M | B2B SaaS, Deeptech | boreal.vc |
| Cycle Capital | Seed-Series B | $2M-$15M | Cleantech, Deeptech | cyclecapital.com |
| Diagram Ventures | Pre-seed, Seed | $1M-$5M | Fintech, Climate | diagram.ca |
| Fonds de solidarité FTQ | Multi-stage | $1M-$30M | Cross-sector | fondsftq.com |
| Investissement Québec | Multi-stage | $500K-$25M | Cross-sector | investquebec.com |
| Teralys Capital | Fund-of-funds + co-invest | $5M-$30M | IT, Life Sciences, Cleantech | teralyscapital.com |
| AmorChem | Pre-seed, Seed | $500K-$3M | Life Sciences, Biotech | amorchem.com |
| Telegraph Ventures | Pre-seed, Seed | $500K-$750K | Enterprise AI, SaaS | telegraph.vc |
| Panache Ventures | Pre-seed, Seed | $250K-$1M | AI, Fintech, SaaS | panache.vc |
Share your pitch deck with Quebec VCs
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Start 14-day trialWhat is a Quebec investor?
A Quebec investor is any VC, angel, or fund based in the province that backs startups with equity or debt. Most are concentrated in Montreal, with a smaller cluster in Quebec City.
What makes Quebec unusual is the heavy involvement of provincial and federal capital. Investissement Québec, Fonds FTQ, and Teralys frequently co-invest alongside private VCs. That means more runway per round and fewer dead ends when a lead investor moves slow.
Montreal's AI strength - driven by Mila and McGill - has pulled in cross-border capital from US and European funds. That's created a secondary market of local VCs who specialize in taking AI research and turning it into fundable companies.
The range here is wide. Pre-seed angel rounds through Panache or Telegraph up to multi-million growth rounds via Inovia or White Star. Quebec also has specialized funds most provinces don't: a dedicated fintech VC in Luge, biotech-only in AmorChem, and cleantech-focused in Cycle Capital. For context on how Quebec compares to other Canadian markets, see our lists of Ontario investors and British Columbia investors.
Fintech makes up only 3% of the total financial services market with significant growth potential ahead.
Picking the right Quebec investor for your stage
Find investors who've backed companies through US market entry from Montreal. That's the real test for Quebec founders. Ask their portfolio companies if they have actual relationships in New York or Boston - that matters more than a general "we have a network" pitch.
Quebec has a strong mix of sector-specialist funds. If you're building fintech, Luge is the obvious fit. If you're in biotech or drug discovery, go to AmorChem first. Sending a healthtech deck to a generalist SaaS fund wastes everyone's time.
The government vehicles - Investissement Québec and Fonds FTQ - almost never lead rounds. They co-invest. Close your private lead first, then bring them in. Going to IQ or FTQ without a lead investor rarely works.
Use Ellty to share your deck with trackable links. You'll see who actually opens your financial projections vs. who skims the title slide and moves on. In a market with a lot of co-investors reviewing the same materials, knowing who's engaged matters. Read more on what investors look for in a data room.
Look at follow-on rates in each fund's portfolio. A lot of early-stage Quebec companies get seed capital but struggle at Series A. If a fund's companies aren't raising follow-ons, that's worth understanding before you sign a term sheet.
Getting Quebec investors to actually respond
Research recent deals on Crunchbase or Réseau Capital before reaching out. Quebec has sector-specific funds and you'll waste time pitching cleantech to a fintech specialist. Check the last five investments before writing a single word.
Lead with traction. Quebec VCs see a lot of AI pitches with strong academic pedigrees and weak go-to-market. If you have unit economics, MRR growth, or design partners, put them front and center in the first slide that matters.
Upload your deck to Ellty and send trackable links. Monitor which pages investors spend time on - if they skip your revenue model but re-read your team slide three times, that tells you where to start the follow-up conversation. Avoid the most common data room mistakes that slow down fundraising.
Portfolio founders are your best research source. Message them on LinkedIn and ask about response times and actual operational help during fundraising. Most will be honest. A warm intro from a founder in Inovia or Boreal's portfolio beats any cold email to a partner.
FounderFuel Demo Days and C2 Montreal are where real deals get started in this market. Mila events connect AI-focused founders directly with technical investors. Skip the generic networking mixers.
Set up an Ellty data room with your cap table, financial model, and key diligence documents before any investor asks. Quebec's co-investment culture means multiple funds often review the same deal in parallel. Being organized speeds up every part of the process. Use this startup data room template to get started fast.
14 Quebec investors funding startups in 2026
1. Inovia Capital
Canada's most active multi-stage VC with 373 investments and a growing global footprint - they launched a dedicated Venture Scientist Fund with Mila in January 2026 and opened an Abu Dhabi office in November 2025.
- Recent deals: Flare $30M growth (Nov 2025), Spellbook $50M Series B (Oct 2025), Toyo seed round (Feb 2026)
- LinkedIn: Inovia Capital
- Sector focus: SaaS, AI, robotics, healthcare, fintech
- Stage focus: Seed to Pre-IPO
- Location: Montreal, QC (also Toronto, Calgary, London, Abu Dhabi)
- Website: inovia.vc
2. Luge Capital
The only dedicated fintech VC in Quebec with $180M under management and a sharp thesis around AI applied to financial services.
- Recent deals: Geolava $4.3M seed (Jul 2025), Velix seed (Feb 2026), Mycroft $3.5M seed co-lead (2025). Fund II closed at $96M (Sep 2024)
- LinkedIn: Luge Capital
- Sector focus: Fintech, AI for financial services, payments, insurtech
- Stage focus: Seed, Series A
- Location: Montreal, QC (also Toronto)
- Website: luge.vc
3. Real Ventures
Montreal's original early-stage VC founded in 2007 - still the most prolific seed investor in the city with 214 companies backed and 3 unicorns in the portfolio.
- Recent deals: Spark Microsystems CAD $17M Series B participation (Mar 2026), Tilt $7.1M seed co-investment (Sep 2025)
- LinkedIn: Real Ventures
- Sector focus: Enterprise software, B2B, consumer tech, vertical SaaS
- Stage focus: Pre-seed, Seed
- Location: Montreal, QC
- Website: realventures.com
4. Brightspark Ventures
One of Canada's longest-running early-stage funds - founded in 1999, still writing first checks into technical founders building software companies.
- Recent deals: Mycroft $3.5M seed co-lead with Luge Capital (2025). Closed Brightspark Co-Investment Fund II at $100M+ (2024)
- LinkedIn: Brightspark Ventures
- Sector focus: Software, SaaS, AI, enterprise tech
- Stage focus: Seed, Series A
- Location: Montreal, QC (also Vancouver)
- Website: brightspark.com
5. White Star Capital
Global multi-stage firm with deep Montreal roots - Series A and B specialist that launched a new $50M North American Seed Fund anchored by Fonds FTQ in September 2025.
- Recent deals: Seed Fund first close at $25M (Sep 2025) anchored by Fonds FTQ, Desjardins, Teralys, and TD Innovation Partners
- LinkedIn: White Star Capital
- Sector focus: AI, SaaS, fintech, consumer, enterprise
- Stage focus: Pre-seed through Series B
- Location: Montreal, QC (also New York, London, Tokyo)
- Website: whitestar.vc
6. Boreal Ventures
Montreal seed fund with a precise thesis: companies past early product-market fit that need operational help scaling go-to-market, not just capital.
- Recent deals: Launched $60M Fund II (Mar 2026) backed by Investissement Québec, BDC Capital, Teralys, and Desjardins. 22 investments across two funds
- LinkedIn: Boreal Ventures
- Sector focus: B2B SaaS, vertical software, AI, fintech, digital health, advanced manufacturing
- Stage focus: Seed
- Location: Montreal, QC
- Website: boreal.vc
7. Cycle Capital
Montreal's leading cleantech VC with seven active funds and a platform spanning seed incubation through growth-stage deeptech.
- Recent deals: Led AON3D funding round (2025), added Marius Thebault as Principal for Circular Innovation Fund (Feb 2026). Two funds currently deploying: Fund V (deeptech) and Circular Innovation Fund
- LinkedIn: Cycle Capital
- Sector focus: Cleantech, microelectronics, photonics, circularity, watertech
- Stage focus: Seed to Series B
- Location: Montreal, QC
- Website: cyclecapital.com
Organize your diligence before investors ask
Set up a data room with your financials and cap table. Share securely with any Quebec investor.
Start 14-day trial8. Diagram Ventures
Venture builder that creates companies from scratch in fintech, insurance, and health - plus a separate $80M ClimateTech Fund for early-stage cleantech startups.
- Recent deals: ClimateTech Fund closed at $80M (2024) backed by Sagard, Investissement Québec, and Teralys. Active venture creation across fintech and climate verticals in Montreal
- LinkedIn: Diagram Ventures
- Sector focus: Fintech, insurance, health, climate tech
- Stage focus: Pre-seed, Seed (venture creation model)
- Location: Montreal, QC
- Website: diagram.ca
9. Fonds de solidarité FTQ
The largest development capital fund in Quebec with $21.9B in net assets - they co-invest constantly and back nearly every major private VC vehicle in the province.
- Recent deals: Anchored White Star's $25M Seed Fund (Sep 2025). Strategic partnership with Jolt Capital for AI-powered investment intelligence (May 2026). $2.7B in direct and indirect VC over the past decade
- LinkedIn: Fonds de solidarité FTQ
- Sector focus: Cross-sector - tech, life sciences, manufacturing, energy
- Stage focus: Multi-stage, primarily co-investor
- Location: Montreal, QC
- Website: fondsftq.com
10. Investissement Québec
The provincial government's investment arm - a frequent co-investor in Quebec deals that also provides loans, equity participation, and export assistance.
- Recent deals: Backed Boreal Fund II, Telegraph Ventures launch, and multiple co-investments through 2025-2026. Active LP across all major Quebec VC funds
- LinkedIn: Investissement Québec
- Sector focus: Cross-sector, province-wide mandate
- Stage focus: Multi-stage (equity and debt)
- Location: Montreal, QC (offices across Quebec)
- Website: investquebec.com
11. Teralys Capital
Canada's largest independent innovation-focused fund-of-funds with $475M raised under the federal VCCI program - they also co-invest directly alongside their portfolio funds.
- Recent deals: Closed $475M VCCI fund (2024) - their largest ever. Active LP in White Star Seed Fund, Boreal II, Brightspark, Luge, and 20+ other innovation funds
- LinkedIn: Teralys Capital
- Sector focus: IT, life sciences, cleantech (via fund investments and direct co-investments)
- Stage focus: Fund-of-funds plus direct co-investments
- Location: Montreal, QC
- Website: teralyscapital.com
12. AmorChem
The only Quebec fund purpose-built to take academic research out of university labs and turn it into investable biotech companies.
- Recent deals: Active portfolio of 24+ projects across innovative therapeutics. LPs include Investissement Québec, Fonds FTQ, and Merck. University partnerships with McGill, Université de Montréal, and Laval
- LinkedIn: AmorChem
- Sector focus: Life sciences, biotech, therapeutics, drug discovery
- Stage focus: Pre-seed, Seed (proof-of-concept stage)
- Location: Montreal, QC
- Website: amorchem.com
13. Telegraph Ventures
Brand-new Quebec pre-seed fund launched in September 2025 with $35M to back enterprise AI startups - the most active new fund in the province targeting the earliest stage.
- Recent deals: Fund launch with nearly $35M first close (Sep 2025). Backed by Investissement Québec, Teralys, Inovia Capital, and 40+ entrepreneurs. Targeting 30 companies at $500K-$750K checks
- LinkedIn: Telegraph Ventures
- Sector focus: Enterprise AI, SaaS, B2B software
- Stage focus: Pre-seed, Seed
- Location: Montreal, QC
- Website: telegraph.vc
14. Panache Ventures
Pan-Canadian pre-seed and seed fund with a Montreal office - one of the most active first-check writers in Canada with about 20 investments per year across the country.
- Recent deals: Active in 2025-2026 across Canada. Montreal investments include companies in AI and enterprise software. Fund II closed at $100M+
- LinkedIn: Panache Ventures
- Sector focus: AI, fintech, enterprise software, Web3, healthtech, cleantech
- Stage focus: Pre-seed, Seed
- Location: Montreal, QC (also Toronto, Vancouver, Calgary)
- Website: panache.vc
How to pitch a Quebec investor
What actually works when reaching out to VCs and funds in Montreal and across the province.
- 1.Research the co-investment stack before outreachQuebec is unusual because most private rounds include Investissement Québec or Fonds FTQ as co-investors. Understand who typically follows a lead before approaching your target - it affects how they structure rounds and what they need to see from you.
- 2.Show your R&D credits and non-dilutive grantsQuebec's SR&ED program and IQ grants matter to investors here. If you've accessed non-dilutive capital, include it in your deck. It signals you understand the local funding landscape and stretches your equity further per milestone.
- 3.Lead with Montreal-specific validationLocal design partners, university pilot agreements, or Mila collaborations land differently with Quebec VCs than generic market validation. Proof from within the ecosystem carries real weight in early conversations.
- 4.Track engagement before following upUpload to Ellty and send trackable links. If a Montreal VC opens your financial model three times but never reaches out, that's your cue to follow up with specific numbers - not a generic check-in email two weeks later.
- 5.Prepare for bilingual due diligenceSome Quebec investors - especially government vehicles like Investissement Québec - will want materials in French. Having your executive summary in both languages removes friction from the co-investment process and shows you're serious about the market.
How Ellty helps you land a Quebec investor
Now that you know who's actively investing in Quebec, here's how to get your materials in shape. Montreal's co-investment culture means multiple funds often review the same deal in parallel - Inovia might forward your deck to Investissement Québec the same week Boreal is reviewing it. Having a proper data room from day one keeps you from scrambling when three people ask for the same documents at once. Set it up before your first pitch.
- 1.Upload your pitch deck and financial model in one placeCreate a free Ellty data room and upload your pitch deck, cap table, financial model, and any non-dilutive funding documentation. Organize files into folders so investors and co-investors find what they need without emailing you back and forth.
- 2.Configure unique links for each investor and fundCreate a separate trackable link for each firm - Inovia, Luge, IQ, Fonds FTQ. Require email verification to view. Enable screenshot protection for your cap table and financial projections. See exactly who forwarded your link internally.
- 3.Get notified when investors open your materialsGet instant notifications when an investor opens your link. See which pages they spent the most time on and which ones they skipped. Follow up the same day engagement peaks - that's when you're top of mind.
Questions founders ask about Quebec investors
- Most do, especially at later stages. Inovia, White Star, and Panache invest across North America. Earlier-stage funds like Boreal and Telegraph prioritize Quebec companies, but won't rule out strong Canadian founders from other provinces.
- Private VCs like Luge or Brightspark typically lead, then bring in Investissement Québec or Fonds FTQ as co-investors. Close your private lead first before approaching the government vehicles - they almost never originate deals.
- Your pitch can be in English, but having an executive summary in French helps with government-backed investors. It's not a hard requirement at most private VCs, but it removes friction from the co-investment process with IQ or Fonds FTQ.
- Before your first investor meeting. In Quebec, deals often involve multiple co-investors reviewing materials simultaneously. Having your financials, cap table, and key docs organized in an Ellty data room from day one keeps the process from stalling.
- AI and enterprise software dominate, followed by cleantech and life sciences. Montreal's Mila connection creates an advantage for AI-native companies. Fintech is strong too, with Luge Capital writing most of the early checks.
- Check their last investment date on Crunchbase or Réseau Capital. A recently announced fund close - like Boreal's Fund II in March 2026 or White Star's Seed Fund in September 2025 - is the clearest signal they have fresh capital ready.
