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Silicon Valley Based Founder Institute in Montreal Launches 13 New Tech Startups
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The world's largest pre-seed startup accelerator, the Founder Institute, in Montreal announces the newest alumni from the Quebec chapter’s first ever virtual 2020/2021 Winter program.
Over 400 people applied to the program, and after an intense four months of aggressive business-building sprints and constant evaluation and feedback from investors and mentors, just thirteen companies were able to make it through.
Each of these Founders have demonstrated a high level of perseverance and creativity, and their businesses have been thoroughly vetted and supported by a panel of Montreal's top startup experts and investors.
(they meant Saint-Michel, but nonetheless a cool initiative that will help local artists)
San Michele District | Marc Seguin invests in artists’ studios
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Dozens of artists will soon be able to reside at Ateliers 3333, an industrial building in the Saint-Michel region that has been converted into workshops thanks to a partnership between artist Marc Séguin, Société de développement Angus and real estate developer Huotco.
Marc Séguin has been interested in artists’ studios in Montreal for over 20 years. He was the one who somehow founded “305, Bellechasse”, in Rosemont, a workshop building from which artists were kicked out last year as the new owners chose to renovate the building and renovate the building. “Increase rents.
“In 1998, I persuaded the owners to convert this building into artists’ studios,” he says. When I was working in carpentry, I told them, “Buy me the materials, and I will finish the first floor for you and guarantee that it will be rented out!” We know the rest. Marc Séguin restored all floors. The artists settled down. But the area has changed, improved, and artists have had to leave.
In recent years, as he needed a room for his own needs, he had the idea of finding another artist’s building.
I searched, one thing led to another, and I became interested in Saint Michel, because the artists told me it was one of the rare areas where its prices were still affordable.
Mark Seguin
He finally found 3333, Crémazie Street, on the edge of the Metropolitan Highway.
To acquire this old industrial building, join the social economics firm Société de développement Angus and the arts-loving real estate developer, Huotco. Then they did a project to get 10+ million, in equal parts between the three. The area of the building is 9300 m2 (100,000 p2).
Sonder (founded in Montreal, now HQ'd in SF) going public.
SONDER TO GO PUBLIC ON NASDAQ THROUGH SPAC DEAL
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Montréal-founded travel tech startup Sonder is set to go public on the NASDAQ through a merger deal with Gores Metropoulos II Inc.
Sonder co-founder and CEO Francis Davidson officially announced the plans on Friday and SEC filings confirm that special purpose acquisition company Gores has entered into an agreement with Sonder.
According to the companies, Sonder expects to raise $650 million USD of cash proceeds through the deal, which is expected to bring Sonder’s enterprise value to $2.2 billion. The value reportedly represents a 3.6 times increase in Sonder’s projected revenue for 2022. Existing Sonder stockholders are set to retain 74 percent ownership in the company.
As reported by Bloomberg, the transaction includes a $200 million private placement led by an affiliate of Gores Group, the investment firm founded by the SPAC’s CEO Alec Gores, and includes participation from Fidelity Management & Research Company, funds and accounts managed by BlackRock, Atreides Management, entities affiliated with Moore Capital Management, Principal Global Investors, and Senator Investment Group.
“We are incredibly excited about this transaction with Gores Metropoulos, which we view as a natural extension of our longstanding relationship that will enable us to accelerate our growth on the path to build the iconic 21st century brand in hospitality,” said Davidson.
It is hoped that the merger of the companies will provide Sonder with additional “capital and expertise to accelerate and supercharge Sonder’s vision.” The company stated the deal will allow it to further capitalize on opportunities within the global lodging market industry, which it says presents a more than $800 billion opportunity.
Also nice article in CityLab today about Quebec and our amazing childcare system. This is 110% an easy sell for investors looking to come here.
In Quebec, Child Care Is Infrastructure As U.S. policymakers consider ideas to improve child care affordability, a new report shows how Quebec’s universal subsidized system enabled it to weather the pandemic.
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While child care centers across the U.S. have faced a spate of closures during the pandemic, the Canadian province that pioneered a model for universal subsidized child care had a markedly different experience — even from the rest of Canada.
Though providers in Quebec faced many of the same struggles to keep kids and caregivers safe, more centers were able to stay open, and in some cases thrive.
A major reason Quebec’s system fared better was its funding model, according to a new report by the Canadian Centre for Policy Alternatives. The research builds on other economic studies that have concluded a market-based approach does not work well for the child care industry, especially during an economic downturn.
“I’ve been defending private markets all my life. I’m not an extreme leftist. But you also have to be pragmatic. Child care is an area where private markets don’t do a very good job,” said Pierre Fortin, an economist at the University of Quebec at Montreal who has done extensive research on Quebec’s system.
Lookout Toronto.... Montreal is catching up to you with VC deals
NEW REPORT SHOWS MONTRÉAL CAUGHT UP TO TORONTO AS CANADA’S LEADING TECH ECOSYSTEM IN 2020
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Venture funding in Montréal reached an impressive $1.15 billion in 2020, solidifying the city as one of the top startup ecosystems in Canada, only just behind Toronto, according to the BDO-Hockeystick Montréal Tech Report.
Montréal saw a handful of megadeals last year that fuelled the high number of total dollars raised. With 110 deals throughout 2020, Montréal demonstrated a healthy distribution of deal volume for early and late-stage startups.
Hockeystick’s Montréal Tech Report looks at how the city’s tech ecosystem fared in terms of deals and dollars, with data sourced through exclusive partnerships with organizations like the Canadian Venture Capital and Private Equity Association (CVCA). Hockeystick also compiles data from startups using its platform, as well as public data sources.
Venture activity in Montréal last year puts the city far ahead of other Canadian ecosystems, including British Columbia, Calgary, and the Waterloo Region. Montréal’s total venture funding also puts the city very close behind Toronto, which typically leads in tech funding.
Over 2020, Toronto startups raised only four percent more funding than startups in Montréal, indicating that the Québec-based city is quickly gaining on the historically dominant tech ecosystem in Canada.
Toronto saw 186 deals last year, maintaining its position as the most active ecosystem by a solid margin. However, some recent Montréal deals, such as Hopper’s $213 million Series F round of funding, could push the city closer to matching or surpassing Toronto’s activity in 2021.
Montréal has also seen some large exits close in recent months, including Nuvei’s record-setting IPO and ServiceNow’s $230 million acquisition of ElementAI. Though these don’t directly impact venture activity, they do demonstrate a robust ecosystem where tech startups can start, scale, and exit.
“What’s interesting in Montréal is that they had 41 percent fewer deals compared to Toronto and 36 percent fewer investors, but they were very close in total funds raised in 2020,” said Rob Darling, research partner at Hockeystick. “We can account for part of this in the three largest deals in Montréal for 2020 that totalled $565.8 million, whereas the three largest deals in Toronto for 2020 totalled $238.2 million.”
Despite the strong year, funding in the fourth quarter of the year dipped 68 percent from Q3.
Hockeystick anticipated this drop, noting that the top deals following a record-setting Q2 and megadeal-fuelled Q3 would likely be much smaller in comparison (AppDirect’s $250 million deal in Q3 accounted for 83 percent of total quarterly deal value.)
La Ronde to host first-ever drive-in edition of La Fréquence techno music festival
With the cancellation of events like Osheaga and the Canadian Grand Prix, the COVID-19 pandemic continues to complicate Montreal’s plans for the summer. La Ronde isn’t taking that sitting down — except that it is, considering a concert at the amusement park this weekend will be a drive-in experience.
Following an announcement in early April that La Ronde will tentatively hold an end-of-summer fireworks show, the site will play host to the Festival de musique et arts techno‘s first drive-in edition of La Fréquence on Saturday, May 8.
The event promises to host seven Montreal-based DJs, VJs and hip-hop artists on stage from 1 p.m. to 8 p.m, each taking to a main stage equipped with LED screen walls “to enhance the visual experience, and sound towers will be placed around the site to make the event more immersive,” according to a press release. Audio will also be played through an FM station to ensure guests can hear the music.
It’s a setup similar to the concerts hosted last year at the Royalmount Drive-In Event Theatre, which is being transformed into a space for a variety of summer events under the name Jardin Royalmount.
Six Flags Announces Reopening of La Ronde, Montreal
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ARLINGTON, Texas--(BUSINESS WIRE)--Six Flags Entertainment Corporation, the world’s largest regional theme park company and the largest operator of waterparks in North America, today announced that La Ronde has received provincial clearance to reopen with rides and attractions. The park, located in Montreal, Québec, will open to the general public on May 22, 2021. The park will operate at reduced attendance levels, in accordance with Québec public health’s reopening guidelines for theme parks, utilizing a reservation system and other extensive safety measures already in use at Six Flags parks throughout the system.
With today’s announcement, all of our parks will be welcoming guests this season,” said Senior Vice President of Park Operations, Bonnie Weber. “The safety of our guests and team members continues to be our highest priority, and we look forward to entertaining the millions of guests who trust us to create fun and thrilling memories for all,” continued Weber.
La Ronde Park President Sophie Emond added, “This is a great day for our team. We are thrilled to reopen Quebec’s leading destination for thrills and family fun.”
MONTREAL, May 4, 2021 /CNW Telbec/ - The Government of Canada, the Government of Québec, the Fonds de solidarité FTQ and Ivanhoé Cambridge are teaming up to make $120 million available to cooperatives, non-profit organizations and housing authorities to build or renovate affordable housing. The Lucie and André Chagnon Foundation, Fondaction, the Mirella and Lino Saputo Foundation, and the J. Armand Bombardier Foundation are contributing a total of $31 million. The Association des groupes de ressources techniques du Québec (AGRTQ) will oversee the projects arising from this partnership as of fall 2021.
The pooled $151 million will enable housing co-ops, non-profit organizations and housing authorities to secure long-term financing to build or acquire and renovate some 1,500 affordable and family housing units in Quebec.
This partnership is an innovative response to the needs of organizations seeking to quickly seize market opportunities and ensure a steady supply of affordable housing in the province. Organizations dedicated to affordable housing will now have one more tool in addition to the various financing options available for such projects in Québec.
The formation of this consortium was announced today at a press conference attended by the Honourable Ahmed Hussen, Minister of Families, Children and Social Development, the Honourable Pablo Rodriguez, Leader of the Government in the House of Commons and Member of Parliament for Honoré-Mercier, Andrée Laforest, Quebec Minister of Municipal Affairs and Housing, Chantal Rouleau, Minister for Transport and Minister Responsible for the Metropolis and the Montréal Region, Janie C. Béïque, President and CEO of the Fonds de solidarité FTQ, Nathalie Palladitcheff, President and CEO of Ivanhoé Cambridge and Dominique Frenette, Vice-President, Investments of the Chagnon Foundation, representing the participating foundations and Fondaction.
Lavery Avocats advised and supported the partners of this project in drafting and setting up the legal structure and documentation necessary for the creation and start-up of the consortium. Lavery is delighted to have been able to put his expertise and his professional and financial resources at the service of this project, and thus to contribute to an important initiative for families and for the economic dynamism of Quebec.
Multidisciplinary Expert Committeeon Architecture and Urban Integration
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Committee Mandate
To establish the main architectural principles
The REM de l’Est project is at the start of the design phase. The Committee’s main mandate will be to contribute to the future network’s architectural plans and its urban integration along the entire route. The Committee’s input will be used to establish the prescriptive design that will be included in the REM de l’Est’s Request for Proposals (RFP). The Committee will actively monitor the project’s progress throughout its development and will contribute to its detailed design, which will be created by the consortium selected at the close of the project’s Request for Proposals.
The REM de l'Est project is currently in the design phase, which means that certain elements, such as the architecture, have yet to be fully defined. Because the committee is involved early in the design process, its recommendations can be incorporated at the earliest stages of the design.
Members range from academics to city urban planners and famous French architect Jean-Paul Viguier
BDC Capital Launches $200 Million Deep Tech Venture Fund
Seed and series A investments to be made in quantum, electronics, photonics and related sectors
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MONTREAL, May 5, 2021 /CNW Telbec/ - BDC Capital today announces the creation of a new venture capital fund to invest in early-stage deep tech companies within Canada. The $200 million will be used to accelerate the development of transformational technologies in a number of sectors including quantum, electronics, photonics, foundational AI and related fields.
"BDC Capital is proud to be a trailblazer for investing in Canada's transformative technologies. These have high potential for growth and are of strategic importance for Canada," said Jérôme Nycz, Executive Vice President at BDC Capital. "Our hope is to further cultivate Canada's leadership position in these nascent industries by empowering talented entrepreneurs and engaging other like-minded stakeholders."
Thomas Park, formerly BDC Capital's Vice President, Operations and Strategy, will lead the Fund as Partner. He has extensive experience in venture capital, including multiple roles within BDC, and an in-depth understanding of the opportunity deep tech presents to investors, businesses, governments, and entrepreneurs alike.
"Our vision for the Fund is to help address a critical gap in the Canadian technology landscape. To commercialize and scale Canada's world-class research in sectors like quantum technology and photonics, and develop new domestic tech champions," added Park.
Canada has historically been a leader in deep tech, thanks in large part to the cutting-edge research taking place within its borders. Today, as other nations ramp up investment and IP protections in deep tech, Canadian start-ups require greater access to early-stage funding in order to protect their research and innovations, ensuring that these strategically valuable industries thrive here at home. BDC's unique offering will support these companies by providing access to equity financing and a range of other funding options, technical expertise, insights on their specific segments as well as facilitating market entry.
Add another $3.6M raised in MTL today! It's pretty insane that Montreal is still flying under the radar for VC yet so far has seen probably around or more than $1B raised in 2021.
Former Samsung Ads Tech Leadership and Founders of AdGear Close Seed Round for Optable, US$3.6M Raised To-Date
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MONTREAL, May 5, 2021 /CNW/ -- Taking key learnings from creating solutions for the connected TV sector, former Samsung Ads tech leadership and co-founders of AdGear today announced a US$3.6M seed round for Optable, a SaaS data connectivity platform designed for the ad ecosystem.
Optable's platform addresses the fundamental shift in how data is governed, connected, and used. It was founded to address the need for this new generation of privacy-preserving data connectivity software through the use of cryptographic technology.
The round was led by Brightspark Ventures and included some of the top media and advertising angel investors: David Hahn, former CPO of Integral Ad Science (acquired by Vista Equity Partners), David Yaffe, founder and former CEO of Arbor (acquired by LiveRamp), Jim Payne, founder and former CEO of MoPub (acquired by Twitter), and Alex Blum, former Executive Chairman of Tru Optik (acquired by TransUnion).
The advertising ecosystem is undergoing a radical transformation in how audience data can be used as third-party cookies go away, mobile IDs experience an overhaul, and new privacy legislation emerges. This creates an immediate and pressing need for new solutions to enable advertisers, publishers, and the entire adtech ecosystem to safely and securely compare and leverage audience data.
Another one, that's about $800M in funding today alone for Montreal!
ESTRUXTURE SECURES $600 MILLION TO FUND APTUM ACQUISITION, “FAST-TRACK” CANADIAN EXPANSION
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Montréal-based eStruxture has received over $600 million CAD to fund the growth of its data centre business.
The funding comes in the form of incremental equity financing from Caisse de dépôt et placement du Québec (CDPQ) and Fengate Asset Management, and a credit facility from Deutsche Bank’s credit solutions and direct lending division, as well as a group of undisclosed Canadian banks. According to eStruxture, most of these institutions have previously invested in the company.
eStruxture said the new capital will fully finance its previously announced acquisition of Toronto-based Aptum Technologies’ Canadian colocation business and data centres, which closed on April 30. The company added that it will also support eStruxture’s other capital expansion projects.
Founded in 2017, eStruxture touts itself as “the largest Canadian-owned cloud and carrier-neutral data centre provider,” serving more than 900 clients across its 14 facilities. The company offers colocation, private cloud, managed services, bandwidth, security, and support services “to customers of all sizes.”
The term colocation refers to the practice of housing privately-owned servers and networking equipment in a third-party data centre. A colocation centre (also known as a carrier hotel) is a specific type of data centre where equipment, space, and bandwidth are available for rental to retail customers.
eStruxture’s president and CEO, Todd Coleman, said the financing will help the company expand its customer base “throughout Canada and beyond.”
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