The Caisse de Dépôt, Solidarity Fund FQL, and QC government join forces for Teralys $825 m fund (16)
A brand new fund has been announced in Québec today, named Teralys fund. It’s an initiative of the Caisse de Dépôt ($250m), the Solidarity Fund FQL ($250m), the Québec Government ($200m) and also private investors and institutions ($125m)
It’s the biggest fund of this size to date in Québec, and in Canada. Another surprising point is the relatively short period of time between the launch of Teralys and the budget announced by the QC government (see previous post by Chris Arsenault). If there were any doubts (see comments) left about potential bureaucracy, then today’s announcement crushed all of those doubts.
From the $825m announced for Teralys, half of it is planned to be dedicated for technology, while the balance will be shared between biotech and clean tech.
See a post by Chris Arsenault (iNovia Capital) commenting the creation of this fund of funds.
See Press Release by La Caisse (PDF Document). A quote for instance from the excerpt:
The strategy not only attracts foreign capital to Québec, but also enables Québec companies to develop business relations with foreign companies. Our financial ecosystem has all the attributes to anchor Québec in the components of the knowledge economy: from education to R&D, product development and marketing. With the creation of the Teralys Capital Fund, we are starting the second phase of the strategy, and this stage will be instrumental in ensuring the success of our entrepreneurs.
Since it appears that they had indeed a plan from the start, I’m curious to know what was meant behind those words, especially the first part. Apart from that, things are getting very interesting now. The people behind this wrapped up everything in a record time; the government chose to bet on private Venture Capital instead of bail-outs; and there’s a strong focus on everything tech.
If you are interested in entrepreneurship, NOW is the ideal time to work on it and get to do something serious. In a few months’s time, new funds targeting new entrepreneurs and startups will be announced, with funds pouring in from Teralys, and they’ll be looking actively for new deals. Better get to work on those prototypes, demos and business plans already.
The Caisse de Dépôt, Solidarity Fund FQL, and QC government join forces for Teralys $825 m fund http://tinyurl.com/d2flss
wow! $825m fund in montreal for tech. could this cause a new wave of startups in montreal? http://tiny.cc/Gxd1m
Spread the news RT @kevintom wow! $825m fund in montreal for tech. could this cause a new wave of startups in montreal? http://tiny.cc/Gxd1m
[mtw] The Caisse de Dépôt, Solidarity Fund FQL, and QC government join forces for Teralys $825 m fund: A br.. http://tinyurl.com/d2flss
Teralys: New $825m Fund announced in QC, Canada http://bit.ly/QTAhQ
Teralys: New $825m Fund announced in QC, Canada… http://tinyurl.com/dzzodl
$825M fund announced yesterday in Quebec. 50% tech, 25% cleantech, 25% biotech | http://is.gd/v1WA
Like Entrepreneurs that need to build up their own Company, VC Fund managers must build their Fund, attract capital, have an edge/uniqueness, innovate their investment model, create partnerships, establish key relationships, choose strong entrepreneurs and help build successful companies… that in turn will provide strong returns… so that they can raise a second Fund and continue to build value for their shareholders/investors.
We have good momentum in Quebec and somewhat across Canada now. We need to put our energies in making sure we have the resources and mechanisms to enable us to build a stronger tech community ecosystem (enabling events, academia, industry links, foreign business and venture capital links, etc).
But I must says, that I’m impressed by the rapidity and path of action taken by the Caisse, the Fond and the Government of Quebec.
Lots of ideas coming (Blitzweekend and other events, Partnering with organizations in Montreal and other cities in Eastern Canada, also attracting entrepreneurs from Europe and US, changing how universities think etc.)
If anyone’s interested, this is going to be discussed here http://montrealtechwatch.com/2009/04/22/rallying-point-for-montreal-entrepreneurs-startupdrinks-apr-29th/
Reading: http://twitthis.com/62hj2v
Reading: http://twitthis.com/62hj2v
http://is.gd/v1WA $825m tech venture fund announced in Quebec. Time to brush up on my français.
So Telarys sounds ideal to me. My experience in trying to work with most funds of this kind, is that they make it difficult and bureaucratic. They also tend to finance cashflow not the infratstructure development that many small companies in go-to-market situations need to compete in foreign markets.
WHere can I contact Telarys? And how deos it really differ. It seems like more of the same.
[...] new fund was announced shortly afterwards, named Teralys, with a capital of $825million, coming from FTQ, La Caisse de dépôt, and the [...]
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