Investissement Québec’s hunting ground is limited to Québec, but the organization was one of the most active venture capital investors in Canada last year.
“We are very proud of that,” says Executive Vice-President, Private Equity, Bicha Ngo, about the ranking of venture capital investors for the year 2022 published by Réseau Capital and the Canadian Venture Capital Association (CVCA) .
First in Quebec, Investissement Québec ranks second among its peers for the number of transactions carried out in Canada in 2022 and fourth for the value of transactions. BDC Capital, Inovia Capital and EDC, which have a greater geographic reach, are at the top of the value of transactions carried out in 2022.
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INFOGRAPHIC THE PRESS
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INFOGRAPHIC THE PRESS
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The size of Investissement Québec has doubled since 2019 and its mandate has been expanded. This partly explains the greater place that the organization occupies in the ecosystem, explains Bicha Ngo during an interview with The Press. “We are present at all stages of business development: pre-seed, seed, start-up, support. »
“The challenge was to fill in the gaps in the capital chain,” she says of the reorganization of Investissement Québec, which now includes the regional offices of the Ministère de l’Économie et de l’Innovation, the Quebec Industrial Research Center and Export Quebec.
“We are now very well positioned,” said Bicha Ngo. At all stages, our portfolio has grown, particularly in venture capital. »
In its venture capital activities, the number of transactions has doubled since 2019. The value of these transactions has increased from 22 million to more than 130 million. Does that mean taking more risks?
Unlike many private investors, we have an economic development mandate, so yes, we are ready to take more risks, but we bring partners with us.
Bicha Ngo, Senior Executive Vice-President, Private Equity, Investissement Québec
Being twice as big does not mean being twice as profitable, answers the vice-president of Investissement Québec about the performance of the organization for the year that is ending.
Investissement Québec’s results for the year ending March 31 won’t be known until June, but Bicha Ngo is already lowering expectations. The slowing economy and falling stock markets will have an impact, she says.
Prepare for the worst
One of the objectives of the reorganization of Investissement Québec was to develop private placement. “Our role is to bring out flagships,” says Alex Laverdière, senior director, venture capital.
He gives the example of Hopper, a Montreal company that developed travel apps and had to reinvent itself with the pandemic. Investissement Québec helped it achieve a pivot, he says, adding that the company is now valued at $5 billion.
The economy is slowing, sources of capital are drying up and Investissement Québec expects to be busier than ever.
This is a new context for many companies, notes Alex Laverdière. Accompaniment becomes even more important, according to him.
Capital is less available and each investor tries to protect his portfolio. We want to continue growing.
Alex Laverdière, Senior Director, Venture Capital, Investissement Québec
That said, “expect the worst-case scenario,” he says. It means building plans to get through tough conditions and having options to not fall prey if valuations drop, he explains. “Nobody else plays that role. »