【dealroom.co】魁北克科技生态系统报告

QuebecTech

EcosystemReport

2025

July2025

“Québecisatapivotalmoment:new

momentumisdrivingourtech

ecosystemforward,poweredby

transformativeinitiativeslikeAx.candQuébecTechʼsfocusonscalingstartupscommercially.

Inaworldshakenbygeopoliticalshiftsandrapidtechnologicalchange,itisessentialforoursocietytoembracethis

transformationtosustaineconomicandsocialprosperity.”

RichardChénier

GeneralManager

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1StateofQuebecTech

2VCInvestment

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3QuebecEcosystemOutlook

Quebecʼstechecosystemisnowworth

CAD99B

Since2020,privatetech

companieshavegrown3.9x,whiletheoverallecosystemhasexpanded1.9xoverthesameperiod.

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EcosystemValueofQuebecʼstechecosystem

CAD56B

Source:Dealroom.co.

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PubliccompaniesincludethosethatexitedthroughIPOorSPACIPO.Companieswhicharepublic/acquiredasof2025areincludedinthepublic/acquiredcohortsfromtheirfoundingyear.

EVisthesumofthevaluationsofallstartupsintheecosystem.UsingestimatedvaluationsbasedonmostrecentVCrounds,publicmarketsandpubliclydisclosedvaluations.

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Source:Dealroom.co.

Quebecʼstechecosystemisdistributedaroundthreemainhubs,whichtogetherrepresent1.4K+fundedstartups

GreaterMontreal

QuebecCity

Sherbrooke

RestOfQuebec

Numberoffundedstartupsbyregion▊<5▊5-15▊15-40▊40-100▊≥100

1100+fundedcompanies

250+fundedcompanies

40+fundedcompanies

150+fundedcompanies

fse

Notablecompanies

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Source:Dealroom.co.

Quebecʼs

ecosystemvalueishighly

concentratedinMontreal

77%ofQuebecʼsenterprisevalueHQdinGreater

Montreal,6%inQuebecCityand1%inSherbrooke.

EcosystemValuebyregion,2025YTD(CAD)

Restof

Quebec

23%

Greater

Montreal

77%

▊<50M▊50M-500M▊500M-1B▊1B-50B▊≥50B

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Source:Dealroom.co.

Sherbrookehasexperiencedthehighestgrowthsince2020

GreaterMontreal,asQuebecʼslargeststartupecosystem,

hasgrown1.8xsince2020.

SherbrookeʼsgrowthwasdrivenbyEntosystem,

whichraisedCAD79MinOctober2024.

EcosystemValuegrowthbyQuebecregions(2020-2025)

CAD88B

39.1x

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Source:Dealroom.co.

Quebecisthethird-largest

ecosystembyvalueinCanada

Quebecʼsecosystemaccountsfor12%ofCanadaʼstotal

enterprisevalue.

EcosystemValueofCanadabyecosystems

▊Ontario▊BritishColumbia▊Quebec▊Otherprovincesandterritories

Quebec

12%

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Source:Dealroom.co.

Quebecis

growingfasterthanthe

Canadian

average

Smallerecosystemstendtogrowfaster.Quebecand

Ontarioareshowingsolidgrowthrelativetotheirsize,whileBritishColumbiais

significantlyoutpacingthenationalaverage.

2020-2025EcosystemValuegrowth

1.9x

1.9x

1.8x

Canadianaverage:1.7x

Quebecis

MaturitymetricsinQuebecandCanada

demonstratingtheabilityto

▊Quebec▊RestofCanada▊Canadianaverage

createandgrowsuccessful

120%

startupswithinastill-maturing

EV/VCfunding*

ecosystem

EV/GDP

comparedtotherestofCanada

VCfunding*/GDP

Quebectrailsbehindon

allEVmetrics,showingroom

#unicorns/GDP

#futureunicorns/GDP

forgrowthinboostingentrepreneurship

intheregion.

60%70%80%90%100%110%

Source:Dealroom.co.

*2024VCfunding.

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QuebecbenchmarkingagainstselectedmatureOECDecosystems

Maturitymetricsbenchmarking

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Source:Dealroom.co.

*2024VCfunding.

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1StateofQuebecTech

2VCInvestment

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3QuebecEcosystemOutlook

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Source:Dealroom.co.

QuebecstartupsraisedCAD1.8Bin2024

VCInvestmentinQuebecstartups

»viewonline

▊CAD0–1m(pre-seed)▊CAD1–4m(seed)▊CAD4–15m(seriesA)▊CAD15–40m(seriesB)

▊CAD40–100m(seriesC)▊CAD100–250m(megarounds)▊CAD250m+(mega+)

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Source:Dealroom.co.

BreakoutVCapproachedanall-timehigh.Late-stagefundingsawaslightrecovery,thoughitremainsbelowtheeight-yearnormwhilstearly-stageVCreachedadecade-low

EarlyStageVC

▊CAD0–1m(pre-seed)▊CAD1–4m(seed)▊CAD4–15m(seriesA)

BreakoutStageVC

▊CAD15–40m(seriesB)▊CAD40–100m(seriesC)

LateStageVC

▊CAD100–250m(megarounds)▊CAD250m+(mega+)

CAD

CAD

CAD

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Source:Dealroom.co.

Toprounds

raisedbyQuebecstartupssince

2024

»Viewtoprounds

Fintech

CAD286M

Oct2024-Convertible

Energy

CAD88M

Jan2024-LateVC

Energy

CAD75M

Mar2025-LateVC

Marketing

CAD232M

Jan2024

GrowthEquityVC

CAD205M

Dec2024

GrowthEquityVC

Health

CAD82M

Oct2024-PrivatePlacementVC

Health

CAD57M

Sep2024-SeriesB

Energy

CAD102M

Jun2024-SeriesE

Security

CAD79M

Oct2024-LateVC

Energy

CAD55M

May2025-LateVC

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dealroom.co

Source:Dealroom.co.

*EconomieschosenwithasimilarGDPtoQuebec,~CAD500B.

Quebechas

raisedmoreVCasaprovince

thancomparablysizedOECD

economies

AsignalofgrowinginvestorconfidenceinQuebecʼs

innovationecosystem.

QuebecVCsince2020benchmarkedagainstsimilarsizedeconomies*

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Source:Dealroom.co.

*EconomieschosenwithasimilarGDPtoQuebec,~CAD500B.

Havingbuilta

solidVC

foundation,nowisthetimeto

accelerate

Quebecʼsgrowthtrajectory

Quebecʼsventurecapitalactivitydeclinedby

0.81xsince2020—belowtheOECDaverageandbehindmostpeers.

QuebecVCfrom2020to2024benchmarkedagainstsimilarsizedeconomies*

Growth

Decline

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Source:Dealroom.co.

Nearly60%of

early-stage

capitalinQuebecissourcedin

Canada

Forcomparison,intheUS

80%ofEarlyStageVCis

raisedfromAmerican

investors.ThisindicatesthatmostofthevaluegeneratedfromthegrowthofEarly

StagestartupsremainsintheUS-comparedwithQuébecstartupswhichretainroughly20%valuelessforCanadianinvestors.

59%

Sourceoffundingbystagesince2020

▊Canada▊RestofWorld

53%

47%

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Source:Dealroom.co.

QuebecVCisledbyastrong

presenceof

domestic

investorswiththetop10beingCanadian

investors

TopinvestorsinQuebecbynumberofroundssince2020

»viewonline

Since2023,therehasbeenanotableshiftinVCfundingtowardsManufacturing

WiththearrivalofmassivespendingininfrastructureanddefenceinCanada,thelasttwoyearshaveseenanotableshifttowardshardwareandmanufacturing.

Marketplace

1%

&E-commerce

Marketplace

&E-commerce

14%

SaaS

43%

SaaS

50%

Pre-Boom

2017-2019

Post-Boom

2023-2025*

Manufacturing

49%

Manufacturing

43%

Marketplace

&E-commerce

21%

SaaS

Boom

2020-2022

Manufacturing

31%

48%

QuebecVCbybusinessmodelbytimeperiodPre/During/PostBoom

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Source:Dealroom.co.

*DataupuntilH12025.

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1StateofQuebecTech

2VCInvestment

3QuebecEcosystemOutlook

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Source:Dealroom.co.

Quebechasapipelineof2.8Kstartups,thatisstrongerinthelaterstages

VerifiedunicornsandUSD1B+exits

Pre-fundingcompanies

±50startupsin

Quebec

raisetheirfirst

VCroundeachyear

54

Late»

157

Breakout»

(CAD15M–100Mtotalfunding)

545

Startup»

(CAD100K–15Mtotalfunding)

15»

(CAD100M+totalfunding)

Quebecstartups/Canadianstartups,bycategory.

Quebecrepresents22%ofthepopulation

15%18%23%20%

VCbackedcompaniesbystage

Graduationrate:Quebec

outperforms

peerstates,

Canada,and

globalhubsinunicorncreationefficiency

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Rateofunicorncreationamongstselecthubs

Source:Dealroom.co.

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UnicorncreationEfficiencyperlocationisderivedbydividingthenumberofunicornsbythetotalnumberofVCbackedstartupsfoundedsince1990.Canadianhubshighlightedinlightblue.

Quebecstartupfunnel,fromrisingstarstounicorns

Futureunicorns

Risingstars

Valuation<CAD200M

»Viewonline

Unicornsand$1B+exits

ValuationCAD200M-1B

»Viewonline

»Viewonline

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Source:Dealroom.co.

Quebecstartupshaveastrongfocusonhealthtech,enterprisesoftwareandfintech

PipelineofQuebeccompaniesbystageandIndustry

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Source:Dealroom.co.

Overlappossibleamongstdifferentindustries.IncludescompaniesfoundedorheadquarteredinQuebec,Canada,since1990;raised≥CAD100k;notgovernment,nonprofit,orserviceproviders;andreceivedqualifyingfunding(e.g.,Angel,Seed,SeriesA–H,Convertible,SPAC,etc.).

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Quebecover

indexesin

Enterprise

software,

Energy,and

TravelcomparedwiththeaverageglobalVC

allocation

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VCallocationbytotalinvestedperIndustrysince2020Quebecas%oftotalGlobalas%oftotal

Source:Dealroom.co.

Overlappossibleamongstdifferentindustries.

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Viewmore»

Exploretheecosystembysector

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Source:Dealroom.co.

Former

employeesof

Quebecunicornsarefoundingthenextgenerationofstartupsbasedintheregion

Thistrendsignalsthe

emergenceofanew

generationofoperators,

returningwithcapital,

expertise,andnetworks,thatcouldsignificantlyacceleratestartupgrowthinQuebec.

Quebecunicornfactories

wiseday

PDialoguewiseday

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Source:Dealroom.co.

2024markedthethirdyearon

recordwithmorethan20exits

AsacquisitionscontinuetodominateVC-backedexits,itsuggestsatrendofmarketconsolidation,where

establishedplayersare

strengtheningtheirfoothold.

Publiclistingspeakedin2021instead,afterwhichactivityhasbeenscarce.Thismirrorsglobaltrendsanditʼs

connectedtochangeininterestratesandmacrouncertaintyinmarkets.

NumberofVCbackedexits

▊Acquisition▊IPO&SPACIPO▊Buyout▊Projected

QuebecstartupshaveastrongtrackrecordofVC-backedexits

Apr2024

CAD8.6BBuyout

ByAdventInternational

May2021

Aug2023

CAD1.5BAcquisition

ByNovoNordisk

SPACIPO

Valuation:CAD2.6B

Jun2023

SPACIPO

Valuation:CAD475M

Jun2020

CAD344MIPO

ELEMENTAl

Jan2021

CAD313MAcquisition

ByServiceNow

(hobeewave.

Jul2020

CAD136MAcquisition

ByApple

LUMED

Nov2021

CAD215MIPO

Jan2024

CAD12MAcquisition

BybioMérieux

Jan2022

Acquisition

BySalesfloor

Dec2024

Acquisition

ByTraneTechnologies

202020212022202320242025

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Universitiesaresupportingtheecosystem,withover80spinoutsvaluednearCAD600M

»viewonline

QuebecbasedorfoundedspinoutsfromRegionalUniversities

80+

SpinoutsfromUniversitiesinQuebec

CAD595M

Combined

EnterpriseValue

800+

Jobsat

Quebec-basedSpinouts

CombinedenterprisevalueofQuebecuniversityspinouts

CAD595M

CAD66M

9x

Growth

20202025YTD

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dealroom.co

Source:Dealroom.co.DataupuntilH12025.

UniversitiesplayapivotalroleinQuebecʼstech

success,turningresearchand

educationintoglobalstartupleadership

QuebecUniversitiesintheworldʼstop50

29thintheWorld

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Numberofalumnifoundersthatraised>USD10M

295

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Source:Dealroom.co.

Analysisincludesstartupsfounded1990onwards.

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Source:Dealroom.co.

Methodology

Whatisastartup?

Companiesdesignedtogrowfast.Generally,such

companiesareVC-investablebusinesses.Sometimestheycanbecomeverybig(e.g.$1B+valuation).Whenstartupsaresuccessful,theydevelopintoscaleups(>50people),grownups(>500people)andresultinbigcompanies.Onlycompaniesfoundedsince1990areincludedinthisreport.

Whatisastartup?

Whatisaunicorn?

WhatisaUnicorn?

Unicornsare(former)startupsthatreachedUS$1Bvaluationorexitatonepointintime.

UnderlyingData

Dealroomʼsproprietarydatabaseandsoftware

aggregatedatafrommultiplesources:harvestingpublicinformation,user-submitteddataverifiedbyDealroom,dataengineering.Alldataisverifiedandcuratedwithanextensivemanualprocess.

Thedataonwhichthisreportbuildsisavailableviaapp.dealroom.co.Formoreinfopleasevisit

dealroom.coorcontactsupport@dealroom.co.DataforthisreportwastakeninJune2025.

VentureCapital,Investors

InvestmentarereferredtobytheirroundlabelssuchasSeed,SeriesA,B,C,…latestage,andgrowth

equity.VCinvestmentsexcludedebt,non-equityfunding,lendingcapitaland