Accelia Capital↗
Montréal, QuébecInnovative companies with high technological potential owned or led by women.
Montreal is home to 42 venture capital funds, positioning the city as a meaningful center for Canadian startup finance outside the Toronto and Vancouver corridors. The local investor base is concentrated in early-stage capital, with seed and early-stage funds making up the largest share of deployed capital. Growth-stage investors are also well represented, alongside a notable contingent of pre-seed specialists.
HealthTech and life sciences dominate sector preferences, followed by SaaS and software, artificial intelligence, cleantech, and fintech. This concentration reflects both Montreal's historical strength in biotech research and the city's growing tech sector maturity. The investor base ranges dramatically in scale.
CDPQ (Caisse de dépôt et placement du Québec), Canada's second-largest pension fund with C$450 billion in assets under management, functions as both a direct investor and limited partner across multiple funds. Fonds de solidarité FTQ manages C$20 billion and operates as a major institutional capital source. Mid-market funds like Portage Ventures (US$5.7 billion), Inovia Capital (US$2.5 billion), and Amplitude Ventures (US$340 million) represent the next tier of significant players.
Smaller, specialized funds like AmorChem (C$46 million), Boreal Ventures (C$39 million), and Accelia Capital (US$43 million) focus on specific stages and founder profiles, including women-led companies and biotechnology startups. This range means founders can access capital from institutional pension funds down to pre-seed specialists depending on their stage and sector. Life sciences and healthtech account for the largest share of Montreal-based funds, with 19 funds focusing on this sector.
This reflects the city's concentration of academic research institutions, biotech talent, and pharmaceutical heritage. Early-stage biotech specialists like AllosteRx Capital Management and AmorChem operate in close partnership with university research centers. Cleantech and energy receive backing from 12 dedicated funds, while AI and machine learning attract 12 funds as well.
SaaS investors number 16, indicating strong software company interest. The convergence of life sciences capital and technical depth has made Montreal particularly attractive for precision medicine, medical devices, and enterprise AI applications. Founders raising in Montreal should expect a moderately thesis-driven investor base.
Seed and early-stage funds here typically write check sizes between US$50,000 and US$500,000, with larger checks from growth-focused funds. Many Montreal-based investors will co-lead rounds or participate actively rather than follow, particularly among the mid-sized funds. Pre-seed specialists like AQC Capital (US$120 million) and BCF Ventures actively back companies at the validation stage.
The city's funds tend to favor Quebec-based companies or those willing to establish operations in the province, though several pan-Canadian investors like Brightspark Ventures operate without geographic restriction. Geography should factor into fundraising strategy; some funds have explicit Quebec-first or Quebec-partnership requirements, while others compete nationally. Founders should also be aware of Quebec-specific tax incentives and research programs available during fundraising discussions.
The SR&ED (Scientific Research and Experimental Development) tax credit is federal and applies to qualifying tech and biotech companies. Quebec also offers provincial research incentives and supports through its research institutions, which several Montreal funds explicitly reference as part of their investment thesis. Many founders use these credits to extend runway or fund R&D phases before institutional rounds.
Innovative companies with high technological potential owned or led by women.
Early-stage biotechnology venture capital focused on the Quebec life sciences ecosystem.
Enterprise AI solutions driving enterprise productivity, resilience, and sustainability.
Early-stage life science venture capital fund and major supporter of Quebec's academic innovation, focusing on pre-seed and seed investments to create startups around groundbreaking technologies.
Capital catalyst for precision medicine and next-generation medical devices at point of value acceleration.
Founded in 2008, Anges Québec is the largest angel investor group in Canada, investing capital and expertise in innovative Quebec-based companies. Members have invested over $132 million in 196 innova
Invest in entrepreneurs building pre-seed/seed stage technology companies looking to disrupt global markets. Quebec focus.
Focus on technology companies with validated product-market fit ready to accelerate growth. Staged strategy with discovery checks, building conviction by tracking execution.
Network technologies, leading consumer and enterprise solutions, and innovation in data, analytics, AdTech, media, and content distribution aligned with Bell's strategy.
Pre-seed/seed-stage venture fund launched in close partnership with Centech, entirely dedicated to investing in Centech and Quebec's most promising deeptech startups.
Pan-Canadian, industry-agnostic early-stage VC backing exceptional founders building the future.
Canada's second-largest pension fund and one of the world's largest institutional investors. Active direct investor and LP in the Canadian VC ecosystem.
Private investment firm investing $5M-$30M in high-quality businesses with strong defensible market positions.
Founded in 1999, specializes in infrastructure private equity and private debt. Manages approximately $3.4B in assets.
Venture capital firm investing in high-quality emerging life sciences companies at the pre-clinical and clinical development stage in Canada and the US.
Leading private ClimateTech VC platform investing across North America, Europe and Asia in companies enabling net-zero transition, reducing GHG emissions, and optimizing resources.
Private equity arm of Desjardins Group (Canada's largest cooperative financial group) since 1974. Provides venture and growth capital to Quebec businesses.
Venture studio and VC focused on launching transformative Fintech and ClimateTech companies.
Early-stage digital health venture fund investing in Canada and the US.
Invest in innovative private companies developing breakthrough therapies. Join last or second-to-last private financing round.
Quebec labour-sponsored fund focused on responsible and sustainable investing. Partners with Fonds FTQ, Investissement Québec, and BDC to support Quebec businesses with an emphasis on sustainability.
Quebec's largest labour-sponsored venture capital fund with $20B+ in net assets. Provides venture and development capital to thousands of Quebec businesses from startup to expansion.
Grows an innovation ecosystem transforming markets and propelling technology companies toward market leadership.
Focus on software companies and AI driving positive impact on global scale. Three strategies: Discovery, Venture, Growth.
Early-stage, fintech-focused VC. Strategic LP base includes large financial institutions and pension funds.
Boutique consulting and fund focused on early-stage impact investment.
Growth-stage companies accelerating energy transition across clean energy, transportation, built environment.
National Bank's technology banking group offering venture lending, growth and M&A financing for tech companies for over 20 years. Acquired SVB's ~C$1B Canadian loan portfolio in 2023. Also operates NA
Corporate VC arm of National Bank of Canada. Direct equity investment in high growth potential technology companies.
Founded in 1981, leading Canadian private equity firm with C$8B+ AUM and 90+ platform companies, applying sector-focused approach in TMT, Industries and Financial Services.
Led by experienced operators with strong angel and institutional VC track records; founders-first philosophy with commitment to diversity, co-investing with angel investors and seed funds across Canad
Private equity fund exclusively focused on high-growth opportunities in the healthcare field.
Global investment platform focused on fintech and financial services across Insurance, Consumer & SMB Finance, Wealth & Asset Management, Payments.
Early-stage venture firm investing in founder-led startups. Most active in AI, deep tech, energy transition, marketplaces.
Focuses on Canadian middle-market investment opportunities.
Early-stage venture investments at the intersection of innovation and integrity.
Emerging life science companies developing innovative medical treatments based on disruptive technologies.
Building global healthcare leaders from locally disruptive technologies. MedTech, Biotech, AI in Health.
Start-up foundry and seed fund in AI, Computer Vision, IoT, Advanced Sensors, sustainability, and Advanced Materials.
Canada's largest innovation-focused fund-of-funds investor. Backed by CDPQ, Fondaction, and government programs, with over $2.5B committed to 5 specialized VC fund-of-funds.
Corporate venture capital investing in the digital transformation of creative industries.
Montreal-based PE firm partnering with management teams of mid-market businesses in Quebec and Canada to drive growth.