Fonds Impulsion is a $200 million venture capital fund launched in 2025 by Investissement Québec (IQ) to strengthen early-stage financing for Québec’s technology startups. The fund builds on the province’s legacy Impulsion PME program, transforming it into a permanent venture vehicle that aims to fill gaps in the seed-stage funding landscape while nurturing the next generation of flagship technologies. Fonds Impulsion operates with a mandate to accelerate innovation, support entrepreneurs across the province, and reinforce Québec’s competitiveness in strategic sectors.
Fonds Impulsion invests primarily in pre-seed and seed-stage technology startups headquartered in Québec. The fund is sector-agnostic, though it emphasizes industries that align with the province’s strategic priorities such as artificial intelligence, cleantech, SaaS, fintech, healthtech, and deep tech.
Its mission is twofold: to develop emerging technologies and to bridge the financing gap between early-stage innovation and later-stage venture capital.
The new $200 million Fonds Impulsion combines $150 million originally allocated to the Impulsion PME program and an additional $50 million from Québec’s research and innovation strategy.
Managed by Investissement Québec’s venture capital division, the fund aims to invest in approximately 70 startups over a 10-year period, with the potential for renewal. It provides cheque sizes ranging from $250,000 to $2 million and can now participate in multiple follow-on rounds, offering more consistent long-term support than the previous program allowed.
Startups must be based in Québec and secure a reference from an approved ecosystem partner to apply. Fonds Impulsion will act as a complementary investor, often co-investing with private and quasi-public partners to catalyze larger rounds.
The fund is designed to be faster and more entrepreneur-friendly, with simplified processes and relaxed eligibility criteria, reflecting Investissement Québec’s renewed commitment to early-stage founders during a period of declining seed investment activity in the province.
Leadership
The fund is led by Claire Lelièvre, Director of Early-Stage VC at Investissement Québec, and Alex Laverdière, Vice President of Venture Capital. Together, they oversee the fund’s strategic deployment, partnerships, and alignment with provincial innovation objectives. Both leaders have deep experience in early-stage financing and ecosystem development within Québec’s startup and research sectors.
Investment Strategy
Fonds Impulsion operates under a public-private co-investment model, complementing private investors while ensuring the province’s innovation ecosystem remains vibrant and competitive. Its strategy emphasizes inclusivity across sectors, prioritizing founders developing technologies with measurable impact on Québec’s economic growth and global competitiveness. By focusing on scalable, capital-efficient startups, the fund seeks to create a self-sustaining pipeline of innovation that extends from university research to global commercialization.
Notable Investments
The fund is newly launched, but its predecessor program, Impulsion PME, backed 67 startups and deployed roughly $65 million between 2021 and 2024. Notably, Investissement Québec has historically supported leading Québec tech companies such as Lightspeed, which received early backing from the agency in 2015, demonstrating the province’s long-term commitment to nurturing high-growth startups.
Notable Exits
As Fonds Impulsion is newly established, there are no public exits yet. However, Investissement Québec’s broader venture portfolio has achieved strong historical returns, with an internal rate of return of 13% over 10 years, outperforming the Canadian VC market average of approximately 10%.
Other
Fonds Impulsion plays a critical role in sustaining Québec’s early-stage startup pipeline amid a national slowdown in seed-stage deals.
By offering both capital and ecosystem coordination, it ensures that local entrepreneurs continue to access the resources necessary to scale globally.
The fund’s integration into the Investissement Québec framework provides founders with additional benefits, including access to government innovation programs, financing tools, and international trade networks.
