Mistral Venture Partners increases Québec presence with $7.5M investment from Fonds de Solidarité FTQ
The Fonds de solidarité FTQ has committed $7.5m to Mistral Venture Partners Fund IV, marking its first institutional investment from Québec in this seed fund.
This collaboration strengthens Mistral’s foothold in the province and aligns with the Fonds’ longstanding dedication to fostering Québec's venture capital ecosystem, particularly in supporting high-growth start-ups.
Mistral Venture Partners is an early-stage venture capital fund focusing on software companies. Over the course of its first three funds, Mistral has invested in seven Québec-based companies, including Noze, Foko, and Unito.
The investment from the Fonds aims to leverage Mistral’s existing track record to increase support for local start-ups navigating challenges in raising capital.
“Québec-based technology start-ups face numerous challenges when it comes to raising capital,” stated Philippe Huneault, vice-president of Equity and Impact Investing at the Fonds.
“By investing in Mistral Ventures, the Fonds de solidarité FTQ wants to build on Mistral's investment track record in Québec in order to support even more of our local start-ups.”
Philippe Huneault emphasized Mistral's pivotal role in fostering growth, stating, “As an established venture capital firm, Mistral has the expertise and influence in the technology industry to help the growth, both here and abroad, of high-potential companies.”
He further noted, “The technology sector needs to be supported by major investors such as the Fonds and Mistral. That is why I am proud of this first investment in a Mistral fund, which I am convinced will make a difference for innovative Québec companies.”
Code Cubitt, co-founder and managing director of Mistral Venture Partners, expressed enthusiasm for the partnership.
“We are thrilled to be partnering with the Fonds and further expanding our presence in Québec. The collaboration process has been incredibly smooth, and we've been extremely impressed by their professionalism and shared vision,” he said.
Mistral's decade-long involvement in Québec has provided insights into the region's entrepreneurial talent.
“We have been investing in the province for a decade and continue to be impressed by the talent and quality of Québec-based entrepreneurs. We truly believe this partnership will lead to great success and are excited to see what we will accomplish together,” Cubitt added.
