FIER Partenaires has announced a $50 million technology sector fund, including a $10 million investment in Garage Technology Ventures Canada and $40 million to support the startup and development of Quebec companies operating in particular in advanced digital technologies, high-tech materials, medical instrumentation and clean technologies.

Garage Technology Ventures Canada is a fund set up by Garage Canada to make early-stage investments, corresponding to the seed, startup and initial development stages of technology companies.

“We are confident that our business plan will provide [FIER Partenaires] with very satisfactory returns,” said Louis Desmarais, managing director of Garage Canada. “We are in talks with other private investors concerning the fund’s expansion and a second closing that, in the near future, could bring capitalization to $100 million.”

The involvement of FIER Partenaires contributes to the development of new fields of excellence in each region of Quebec that may receive investments from Garage Technology Ventures Canada, which obtains its capitalization in particular from private investors in a ratio that satisfies the commitment of FIER Partenaires to invest one dollar for every two dollars invested by the private sector, said Jean Cyr, chairman of the board of FIER Partenaires.

FIER Partenaires is one of three components of the Regional Economic Intervention Fund (FIER) set up by the Quebec government. It consists of a limited partnership whose initial capitalization of $180 million is provided by Investment Quebec’s subsidiary IQ-FIER, for an amount of $90 million.

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