Like Europe, the Canadian Amorcation Market is experiencing a significant contraction, according to data published by Capital Network and the Development Bank of Canada (BDC), the number of Tours de table has decreased from 18 % in 2024while the amounts invested fell from 45 %. Quebec, although recognized for the quality of its research in artificial intelligence, remains behind compared to Ontario and British Columbia, particularly on the pre-built and priming phases.
This situation weakens young technological companies, which are struggling to mobilize capital in the early stages of their development. To respond to this deficit, institutional investors are relying more and more on new fund managers, closer to the founders and capable of providing operational support from the start. It is in this logic that was launched in Montreal Telegraph Venturesa venture capital fund dedicated to startups in artificial intelligence and B2B software.
The fund is led by Etienne Mérineauco -founder of Heyday (assigned to Hootsuite in 2021), in partnership with Telegraph Hill Capitalventure capital company based in Barcelona and has been in Canada for over ten years. Its strategy is based on early investments, conducted in pre-buckling and priming, with tickets between 250,000 and 750,000 dollars, in sectors such as generative AI, cybersecurity, fintech or productivity software.
The first fence of the fund was led by Investment Quebecalongside the Teralys Quebec Fund for Priming (backed by the Quebec Caisse de Dépôt et placement),Inovia Capital as well as more than 40 private entrepreneurs and investors. For Béatrice Couture, principal director at Teralys, the challenge is to “mobilize international capital from the first stages of the startups journey and offer a springboard to global marketing”.
With a first fence of more than $ 34 million and a final target of $ 40 million by the end of the yearTelegraph Ventures aims to build a portfolio of around thirty Canadian startups with high potential.
