Fonds Impulsion (formerly Impulsion PME)
$200M quasi-equity fund co-investing $250K-$2M alongside private investors in Quebec early-stage tech startups.
About this program
Successor to the original Impulsion PME program (suspended November 2024, replaced October 2025), Fonds Impulsion is a $200 million quasi-equity fund managed by Investissement Québec. It co-invests with private investors in pre-seed and seed-stage Quebec technology companies using convertible debt instruments (SAFE, KISS notes, convertible debentures). Investment range: $250,000 to $2,000,000 per company. IQ cannot exceed 50% of the total financing round. Companies must be referred by a recognized incubator, accelerator, or sectoral research cluster — direct applications are not accepted.
Eligibility
Young, innovative, high-growth potential for-profit businesses with head office, decision center, and majority of permanent jobs in Quebec. Cumulative revenues under $2M over past three fiscal years. Excludes NPOs, cooperatives, retail, hospitality, personal services, and gambling.
Requirements
- Head office and majority of operations in Quebec
- Referral from recognized incubator, accelerator, or research cluster
- Letter of intent from recognized private investor