Report shows Montreal leading in venture-capital financing
Montreal-based companies raised US$399 million in venture capital during the first quarter of 2018 — more than companies in any other Canadian city — according to a report released by PwC Canada and market research company CB Insights on Wednesday.
This is the second quarter in a row where Montreal firms have raised more venture capital than businesses in any other Canadian city.
“It definitely shows that the quality of entrepreneurs that we have here in Montreal and Quebec is exceptional,” said Christine Pouliot, a partner in PwC’s deals practice.
The amount of money invested in Montreal companies during the quarter was up 96 per cent from the previous quarter, when $204 million was invested in local companies. It’s the most money raised by Montreal-based companies in a single quarter since PwC began releasing the quarterly reports on VC activity in 2012.
“The Montreal tech ecosystem is definitely maturing,” Pouliot said.
The size of the investments in Montreal-based companies has risen over the past three or four years, the result of individual companies seeing success and attracting larger investments, she said, and local entrepreneurs that have built successful companies are also now investing in new businesses.