Page/ 2The findings of this report provide a comprehensivemeasurementof Quebecʼs startup ecosystem on anumber of different fronts, from regional hubs to VCinvestment and startup demographics.The report covers all startups based in Quebec, as well asunicorns ($1B+ valuation companies) founded in thenation but later relocated abroad.Data collection was completed as of June 2024, andpresented in Canadian Dollar (CA$). The accuracy andcompleteness of the data depend on the informationavailable from Dealroom and other public sources.Benchmarking analyses include ecosystems in NorthAmerica, but also noteworthy European hubs.Scope of the report Québec Tech, formerly known as StartupMontréal, was born out of the need to makethe innovative entrepreneurship ecosystemmore bold and ambitious.We propel high-potential export-orientedQuebec tech startups by mobilizing resourcesand tools to accelerate their growth. Wemobilize and engage key stakeholders to builda strong and lasting global reputation forQuébec tech sector economicdevelopment. Dealroom.co is a global intelligence platformfor discovering and tracking the mostpromising companies, technologies andecosystems. Clients include many of theworldʼs foremost organizations such asSequoia, Accel, Index Ventures, McKinsey, BCG,Deloitte, Google, AWS, Microsoft, Stripe.Dealroom partners closely with local techecosystem development agencies andenablers, to create a comprehensivemulti-dimensional blueprint of the techecosystem, including capital, talent,innovation, entrepreneurship and overalleconomic dynamism.Tech ecosystem intelligence. Quebec. Accessible to anyone, toprovide data transparency,learn about the ecosystem,measure KPIs, promotestartups.Open-access dataplatform for the Quebectech ecosystem.Visit now »radar.quebectech.com "The potential for Quebec to be a worldleader among OECD countries in thecreation and development of innovativetech companies (startups) isundeniable.With Québec Tech, we will build the ʻOlympic teamʼ of Quebecʼsmost promising tech startups to turn them into internationalcommercial successes and make Quebec shine on the worldstage.” 1The rise of Quebec tech2Quebec globally3Innovation Outlook Page/ 7Source:Dealroom.co; Data up until H1 2024Quebecʼs techecosystem isnow valued closeto CA$95B.With about 50% ofQuebecʼs value fromcompanies founded since2010, it is younger than theCanadian average of 36%. Page/ 8Source:Quebecʼsecosystem ishighlyconcentrated inMontreal.Dealroom.co; Data up until H1 2024 Page/ 91100+ fundedcompanies150+ fundedcompanies40+ fundedcompanies40+ fundedcompaniesQuebec is distributed around five main hubs, which together comprise 1.5K+funded companies.Notable companies40+ fundedcompaniesEstrieMontérégieMontrealQuebec CityLavalNumber of funded startups by regionSource:Dealroom.co; Data up until H1 2024 Page/ 10Source:While Montrealconstitutes themajority ofQuebecʼsecosystem value,other regions areexperiencingfaster growth.Quebec City and Estriehave grown by more than20x since 2014.Dealroom.co; Data up until H1 2024 Page/ 11Source:Quebec startups raised CA$1.8B in 2023 across 316 funding rounds, a significantdecrease from the boom years of 2021 and 2022.Early stage▊CA$ 4–15m (series A)▊CA$ 1–4m (seed)▊CA$ 0–1m (pre-seed)Late stage▊CA$ 250m+▊CA$ 100–250mBreakout stage▊CA$ 40–100m (series C)▊CA$ 15–40m (series B)VC investment into Quebec startups CA$ (up to June 2024)» View dataDealroom.co; Data up until H1 2024 Page/ 12Source:Dealroom.co; Data up until H1 2024Quebec startupshave securedover CA$600M inVC investment inthe first half of2024.Though there is still plentyof 2024 left, Quebec VC is~CA$0.5B behind 2023. Page/ 13Despite lower 2024 predictions, Quebec remains on a positive trajectory, with VC investmentgrowth over the past decade comparable to global and Canadian averages.Global VC investment CA$*Canada VC investment CA$*Quebec VC investment CA$*2.7x3.1x3xSource:Dealroom.co; Data up until H1 2024*2024 values are based on 2024 annualised prediction (VC raised so far, divided by days in 2024 gone by, multiplied by total days in 2024)*** Page/ 14Source:After the boom years of 2021 & 2022, breakout stage VC has been more resilient, but dropping in2024 along with early stage. However, 2024 has already seen some promising late stage activity.Early stage▊CA$ 4–15m (series A)▊CA$ 1–4m (seed)▊CA$ 0–1m (pre-seed)Late stage▊CA$ 250m+▊CA$ 100–250mBreakout stage▊CA$ 40–100m (series C)▊CA$ 15–40m (series B)**Dealroom.co; Data up until H1 2024*2024 values are based on annualised projection Page/ 15Source:Dealroom.co; Data up until H1 2024*Rounds in USD converted to Canadian Dollar at rate of 1.35Top roundsraised by Quebecstartups in2023/2024.Quebec has seen somestrong performances inEnterprise Software,Climate Tech andEnergy.» View top rounds Page/ 16Source:Dealroom.co; Data up until H1 2024Most topinvestors inQuebec startupssince 2019 arebased within theregion. Page/ 17Source:Dealroom.co; Data up until H1 2024SaaS has o