Private equity firm XPND Capital, which is focused on growth investments in Quebec-based companies, said Monday it has received a $10 million participation in its XPNDCROISSANCE Fund from Investissement Quebec.
Investissement Quebec, which offers financial solutions to startups with strong potential, takes the Fund's capitalization to $37 million and it is expected that the Fund's capitalization will reach $70 million by the end of this year.
The aim of the mission is to help build the next generation of large successful companies in Quebec, by bringing strategic capital and expertise and collaborating with entrepreneurs in their growth phase.
"This participation is a good example of our vision of a partner state: investing to generate returns for all Quebecers," said Jacques Daoust, Minister of the Economy, Innovation and Exports. “ This will have a positive impact on the economic development of Quebec,” he said.