The Caisse de dépôt et placement du Québec has launched espace cdpq, its new investment and development hub for entrepreneurs.
The hub is aimed at helping small-to-medium enterprises in Quebec grow, according to Caisse. The initiative will also bring together eight investors representing close to $1.2 billion capital under management and five organizations committed to boosting businesses in the province.
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“To go further and compete with the world’s best – Silicon Valley, New York, Tel-Aviv – we have to strengthen the culture of collaboration between different economic stakeholders, even between competitors in Quebec,” said Michael Sabia, president and chief executive officer at Caisse.
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“With the creation of espace cdpq, la Caisse will serve as an engine of growth for Quebec companies ready to compete in global markets,” said Michèle Boisvert, executive vice-president of business outreach at Caisse.
Coinciding with its new investment hub, Caisse also introduced fonds espace cdpq, which will dedicate $40 million to financing small-to-medium Quebec ventures that show promise of global success. According to Caisse, an additional $10 million will be divided between two seed funds that will finance companies emerging from incubators and accelerators across the province.
The hub’s first investment, announced earlier this week, was $1.3 million towards virtual reality company Felix & Paul Studios.
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