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Investissement Québec’s hunting ground is limited to Québec, but the organization was one of the most active venture capital investors in Canada last year.
“We are very proud of that,” said Executive Vice President of Private Equity, Bicha Ngo, about the 2022 Venture Capital Investors Ranking published by Réseau Capital and the Canadian Venture Capital Association (CVCA).
First in Quebec, Investissement Québec ranked second among its peers in terms of the number of transactions conducted in Canada in 2022 and fourth in terms of the value of transactions. BDC Capital, Inovia Capital, and EDC, which have the largest geographic reach, will lead in the value of transactions made in 2022.
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Investissement Québec has doubled in size since 2019 and expanded its mandate. This partly explains the larger place the organization occupies in the ecosystem, Bicha Ngo explains during an interview Journalism. “We are present at all stages of business development: pre-incorporation, incorporation, startup, and support.”
“The challenge was to close the gaps in the capital chain,” she says of the reorganization of Investissement Québec, which now includes the regional offices of the Ministry of Economy and Innovation, and the Quebec Center for Industrial Research and Export. Quebec.
“We are now in a very good position,” said Bisha Ngo. Our portfolio has grown across all stages, particularly in venture capital. »
In venture capital activities, the number of transactions has doubled since 2019. The value of these transactions has increased from 22 million to more than 130 million. Does this mean taking more risks?
Unlike many private investors, we have an economic development mandate, so yes, we’re willing to take more risks, but we’re bringing partners with us.
Bicha Ngo, Senior Executive Vice President, Private Equity, Investissement Québec
To be a multiple is not to be a profit multiple, the vice president of Investissement Québec answers on the organization’s performance for the year ending.
Investissement Québec’s results for the year ending March 31 will not be known until June, but Bicha Ngo is already lowering expectations. She says a slowing economy and falling stock markets will have an impact.
Prepare for the worst
One of the goals of Investissement Québec’s reorganization was to develop private placement. “Our role is to highlight leading companies,” says Alex Laverdière, senior director of venture capital.
He gives the example of Hopper, a Montreal company that developed travel apps and had to reinvent itself with the pandemic. Investissement Québec helped it pivot, he says, adding that the company is now valued at nearly $5 billion.
The economy is slowing, sources of capital are drying up and Investissement Québec expects it to be busier than ever.
This is a new context for many companies, notes Alex Laverdire. According to him, the accompaniment becomes more important.
Capital is less available and every investor tries to protect their portfolio. We want to continue to grow.
Alex Laverdière, Senior Director, Venture Capital, Investissement Québec
Having said that, “expect the worst-case scenario,” he says. This, he explains, means making plans to weather difficult times and having options not to fall prey if ratings drop. “Nobody plays that role.”
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