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Venture capital investment up in Québec in Q1 200716/05/2007. Source: AltAssets. 
 Venture capital investment in Québec increased to $175m in Q1 2007 from $116m invested at the same time last year, according to Réseau Capital and Thomson Financial.
The number of Québec-based companies receiving venture capital remained largely unchanged on a year-to-year basis: 55 companies in Q1 2007 versus 57 companies in Q1 2006.
The average amount invested per company increased to $3.2m in Q1 2007 from $2m a year ago.
Québec activity represents 29 per cent of the Canadian total and 44 per cent of the companies financed, the figures show.
Charles Cazabon, president of Réseau Capital and vice-president of venture capital at BDC, said, 'The first quarter results are encouraging because they demonstrate a significant level of investment and a continuation of the trend to investment rounds that are, on average, larger. Other significant factors are the vitality of the life sciences sector and the sustained interest in Québec on the part of US and other foreign investors. Despite the advantages of attracting foreign investors, who often have access to substantial funds, it is essential to maintain solid local sources of funds, and in that respect Québec stood out by attracting 70 per cent of the new Canadian commitments, mainly as a result of the activities of the Solidarity Fund, Desjardins and Fondaction.'
Réseau Capital - the Québec Venture Capital and Private Equity Association - was founded in 1989 and has more than 500 members.
Copyright © 2007 AltAssets
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