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$30 M for “Fonds Capital Anges Québec ”: good news for angels and entrepreneurs

Quebec City, Thursday March 17, 2011 Anges Québec and its 70 angels applauded today’s announcement by Québec Finance Minister Raymond Bachand to earmark $20M in the 2011-2012 provincial budget for the creation of the Fonds Capital Anges Québec.

This government funding comes in addition to the $10M that our members will provide, through their investments, to set up this sidecar fund for innovative companies across Québec. This is good news for Québec entrepreneurs”, noted François Gilbert, President and CEO of Anges Québec.

According to Mike Cegelski, Chairman of the Board, "This fund will help strengthen the network of angel investors Québec-wide."

The Fonds Capital Anges Québec could be used to augment the investments in enterprises financed by Anges Québec members and will also help develop more innovative business projects. This new fund, for which Anges Québec will act as general partner, will be set up in the next few months.

Minister Bachand, in its budget submission, states: “I am announcing the creation of the Capital Anges Québec fund. A $20-million investment will be made by the government through Investissement Québec. That investment will be augmented by a total of $10 million from angel investors. The total amount available for businesses will thus be $30 million. The Capital Anges Québec fund will enable investments in seeding and startup businesses, primarily in the information technology and industrial technology sectors.”

Anges Québec is a network of private investors that identifies, finances and coaches innovative Québec enterprises with high growth potential. Anges Québec members invest their capital and expertise in the most promising start-up companies. In this capacity, Anges Québec works closely with a number of Québec leaders in the development and growth of technological innovations.

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Source and information:François Gilbert

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