Quebec&MontrealStartupEcosystem

Part1-firstfindings

October2023

NorthAmerica

Venturecapital

investmentactivityinNorthAmericahasreturnedto

pre-pandemiclevelsafterabumper2021.

VCinvestmentraisedbyNorthAmericaHQstartups

▊$0M-$1M(pre-seed)▊$1M-$4M(seed)▊$4M-$15M(seriesA)▊$15M-$40M(seriesB)

▊$40–$100M(seriesC)▊$100–$250M▊$250M+

Q4

estimate

Page/2Source:Dealroom.co

dealroom.co

Canada

Canadaisthe7thcountrygloballybyVCinvestment

since2019,with$36Braised.

Quebecaccountsfor$9.3Bor26%ofVCinvestmentraisedinCanada.

Page/3

Dealroom.co

Source:

CreatedwithDatawrapper.de

Top15countriesbyVCinvestmentraised2019-H12023

dealroom.co

InQuebec,2022venturecapitalinvestment

matched2021,buthasalsosloweddownin2023.

ToproundsinQuebecHQstartupssince2019

VCinvestmentraisedbystartupsbasedinQuebec

▊$0M-$1M(pre-seed)▊$1M-$4M(seed)▊$4M-$15M(seriesA)▊$15M-$40M(seriesB)

▊$40–$100M(seriesC)▊$100–$250M▊$250M+

Page/4Source:Dealroom.co

Quebec

Quebecranksasthe3rdCanadian

provinceforVC

investmentraisedsince2019.

Page/5Source:Dealroom.co.

VCinvestmentperprovincebystage

VCinvestmentsince2019-H12023

▊Earlystage▊Breakoutstage▊Latestage

Ontario

$4B$7.6B$7.7B

BritishColumbia

$2B$4.3B$4.3B

Quebec

$1.4B$3.5B$4.3B

Alberta

NovaScotia

Manitoba

NewBrunswick

PrinceEdwardIsland

dealroom.co

QuebecVCinvestmentinCanadianprovinces

In2022andthefirsthalfof2023,Quebecranks2ndforVCinvestmentraised,above

BritishColumbia.

Page/6

Dealroom.co

Source:

CreatedwithDatawrapper.de

%Growth2022

v.2021

▼–34%

=-5%

▼–49%

▲89%

▲105%

▼–71%

▼–63%

▲10%

dealroom.co

Quebec

Numberofstartupspercohortandstage

Atleast1Kstartupsfoundedsince2010havetakenthe

venture-backed

journeyinQuebec.

Example:ofcompaniesfoundedintheyear2015,104+havegoneontheVC-backedjourney.Ofthose,45haveraisedaPre-Seedround,butnofurtherround.2haveraisedatleastone$100M+round.

Total50628314361271041,034

Page/7

dealroom.co

Dealroom.co

Source:

CreatedwithDatawrapper.de

VCinvestment(2019-2023)TopregionsinQuebec

Montréal$7.3B

Capitale-Nationale$1.2B

Estrie$161M

Laurentides$140M

Montérégie$136M

Laval$118M

Lanaudière$74M

Centre-du-Québec$67M

Page/8

Dealroom.co

Source:

CreatedwithDatawrapper.de

ThevastmajorityofventurecapitalinQuebec?shasbeenraisedinMontréal

VCinvestment(2019-2023)

▊<$250K▊$250K-$10M▊$10M-$100M▊$100M-$1B▊>$1B

dealroom.co

Montreal

Montrealhas

capturedcloseto

80%ofVCactivityinQuebecsince2019.

VCInvestmentallocationwithinQuebec

Montreal

RestofQuebec

73%82%50%86%76%98%

201820192020202120222023

Page/9Source:Datawrapper.de

Montreal

TopNorthAmericaecosystemsbyVCinvestmentraised2019-H12023

Montrealranksasthe19thhubforVCinvestmentraisedsince2019inNorthAmerica,right

behindVancouver.

Page/10

Source:

Dealroom.co

CreatedwithDatawrapper.de

dealroom.co

Montrealranks39thworldwideand16thinNorthAmericainacomprehensiverankingofinnovationmetrics,aheadofVancouver.

Globaltrailblazersranking2022

Trailblazers

Scalelens

Thischartshowspreliminarybenchmarkingbaseda360-degreebenchmarkingdonebyDealroominDec2022.

dealroom.co/guides/top-tech-ecosystems

Thislenslooksforabsolutescaleacrossventurecapitalinvestment,universitytalent,patent

development,andthenumberofunicornsand$1B+exitsminted.

Theselocationsusuallyhaveawell-establishedventurecapitalindustryandcapitalmarkets.Thesuccessoftheseecosystemspavesthewayandsetsthebarforothercities,hencetheterm

trailblazers.

Page/11

Source:

Dealroom.co|CreatedwithDatawrapper.de.

Quebec

Quebecover

indexesinEnergy.

Energyasashareofoverallventurecapitalis2.5xtheglobalaverage.

VentureCapitalallocationbyamountinvested(2019-H12023)

Globalas%oftotalQuebecas%oftotal

Page/12

Source:

Dealroom.co

CreatedwithDatawrapper.de

dealroom.co

13%ofVCinvestmentinQuebecwasraisedbyClimatetechstartups,ahighershare

thanglobalandNorthAmericaaverage.

ClimateVCinvestmentas%oftotal

VCinvestment(2019-H12023)

ToproundsbyclimatetechstartupsbasedinQuebec

Page/13

Source:

Dealroom.co

dealroom.co

Montreal

Montrealcompanieshavefiled13K

patents,withmostpatentsfiledin

En