This investment will support software companies in venture capital
MONTRÉAL, Nov. 25, 2024 /CNW/ – The Fonds de solidarité FTQ (the Fonds) announces an investment of $7.5 million in Mistral Venture Partners Fund IV. The presence of the Fonds as the first institutional investor from Québec in this seed fund will allow Mistral to anchor its presence in the province. This investment is in line with the Fonds’ historical support to the venture capital ecosystem including start-ups with high-growth potential.
Mistral Venture Partners Fund IV
Mistral is an early-stage venture capital fund specializing in software companies. Through its first three funds, Mistral has invested in seven Québec-based companies, including Noze, Foko and Unito.
”Québec-based technology start-ups face numerous challenges when it comes to raising capital. By investing in Mistral Ventures, the Fonds de solidarité FTQ wants to build on Mistral’s investment track record in Québec in order to support even more of our local start-ups. As an established venture capital firm, Mistral has the expertise and influence in the technology industry to help the growth, both here and abroad, of high potential companies. The technology sector needs to be supported by major investors such as the Fonds and Mistral. That is why I am proud of this first investment in a Mistral fund, which I am convinced will make a difference for innovative Québec companies”, explains Philippe P. Huneault, Vice-President Equity and Impact Investing – Technology, Fund Management and Chief International Business Development at the Fonds de solidarité FTQ.
“We are thrilled to be partnering with The Fonds and further expanding our presence in Quebec. The collaboration process has been incredibly smooth, and we’ve been extremely impressed by their professionalism and shared vision. We have been investing in the province for a decade and continue to be impressed by the talent and quality of Quebec-based entrepreneurs. We truly believe this partnership will lead to great success and are excited to see what we will accomplish together.” Code Cubitt, Co-Founder and Managing Director of Mistral Venture Partners.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a source of pride in Québec, fulfilling its mission through a unique business model created more than 40 years ago. Since then, the Fonds has rallied Québec into action thanks to the retirement savings of over 785,000 shareholders.
With net assets of $20 billion as at May 31, 2024, the Fonds supports thousands of companies through venture and development capital investments based on the belief that impact is created as much by financial as societal returns. For more information, visit fondsftq.com or our company page on LinkedIn .
About Mistral Venture Partners
Mistral Venture Partners is one of the only established early-stage venture capital firms focused on Canada, with offices in Toronto and Ottawa. We invest in early-stage start-ups across Canada and are typically the first institutional cheque. All members of the investment team have been founders of at least two start-ups and have a deep understanding of operations at the early stage. Our mission is simple: we work with the best founders in Canada to build start-ups that matter.
SOURCE Le Fonds de Solidarité des Travailleurs du Québec (FTQ)
