AQC Capital
AQC Capital is a Montreal-based venture capital fund managing $160M+ across two funds, investing in pre-seed and seed-stage Quebec technology startups with first cheques up to $750K, in partnership with the 200+ angel Anges Québec network.
- Company typePrivate
- Founded2012
- HeadquartersMontréal, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What AQC Capital does
AQC Capital is a Montreal-headquartered venture capital investment fund, founded in 2012 and operating exclusively in Quebec with a secondary office in Québec City. The firm manages over $160M CAD across two funds: the original AQC I ($86M) and the 2021-vintage AQC II (~$64M). AQC invests at the pre-seed and seed stages in technology startups, deploying first cheques up to $750K CAD with the ability to re-invest in follow-on rounds, and operating as lead, co-lead, or follower depending on deal dynamics. The fund pursues a generalist, multi-sector thesis spanning cleantech, medical, financial, industrial, AI, and software, with a pronounced focus on Quebec-based companies targeting global markets.
The firm's distinctive model pairs institutional venture capital with the Anges Québec angel network, which provides 200+ angel investors who collaborate on due diligence and co-investment. This angel partnership enables AQC to leverage sector-specific expertise from operators and entrepreneurs across Quebec. The fund is backed by four major Quebec institutional LPs (CDPQ, Investissement Québec, Teralys Capital, Fonds de solidarité FTQ), plus Fondaction and Finalta Capital, providing durable capital and ecosystem legitimacy. AQC is led by four partners with over 30 years of individual experience as entrepreneurs, operators, or investors.
The fund's revenue model is conventional for venture capital: management fees on committed/invested capital (typically ~2% annually) supplemented by carried interest on realized exits. AQC has invested in 45+ companies supporting 53+ entrepreneurs since inception, with notable realizations including the 2023 acquisition of Inversago Pharma by Novo Nordisk for up to $1.075B USD and the 2023 acquisition of Pivot88 by TradeBeyond. Recent investment activity (2024-2026) shows a pronounced tilt toward AI-native opportunities while maintaining diversified sector exposure.
AQC Capital firmographics
Firmographics- Name
- AQC Capital
- Legal name
- AQC Capital
- Website
- https://aqccapital.ca
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- AQC Capital is a Montreal-based venture capital fund managing $160M+ across two funds, investing in pre-seed and seed-stage Quebec technology startups with first cheques up to $750K, in partnership with the 200+ angel Anges Québec network.
- Ownership category
- akta.pro rank
AQC Capital industry classification
Industry- Product category
- Venture Capital and Private Equity
- NAICS
- Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Corporate Venture Capital (CVC) (FSANAAAF)
- akta.pro secondary industry
- Corporate Strategic Partnership & Ecosystem Investment Arms (FSANAHAF)
Keywords
Where AQC Capital is headquartered
LocationHeadquarters
- HQ city
- Montréal
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
AQC Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Investment Returns: AQC Capital generates returns through equity investments in early-stage technology startups. The fund invests in exchange for equity stakes, aiming for capital appreciation through portfolio company growth and eventual exits via acquisitions or IPOs.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
AQC Capital product offering
Product offeringCore offering
AQC Capital is a Quebec-based venture capital investment fund that provides pre-seed and seed equity financing to early-stage technology companies. The firm writes first cheques of up to $750,000 CAD with the possibility of re-investment, and can act as lead, co-lead, or follower in funding rounds. It manages over $160M CAD across two funds (AQC I and AQC II) and partners with the Anges Québec angel investor network for collaborative due diligence and co-investment.
Product overview
AQC Capital is a venture capital investment fund that invests in pre-seed and seed stage technology companies in Quebec. It does not offer technology products or services; instead, it provides capital investment and strategic support to portfolio companies. The firm manages over $160M across two funds and has invested in over 45 companies through partnerships with Anges Québec angel investors.
Differentiator
Problem solved
Functional benefit
Products and services
- Pre-Seed and Seed Equity Investment
Companies that use AQC Capital
Customer profileNamed customers8 records
Segments2 records
Ideal customer profiles2 records
AQC Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AQC Capital partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Anges QuébecflagshipStrategic partnership with Anges Québec, Canada's largest angel investor network with 200+ members. Partnership enables collaborative due diligence and co-investment in early-stage Quebec technology companies. Anges Québec provides deal flow and sector-specific expertise.
Scale indicators4 records
Recent moves7 records
Expansion highlights5 records
AQC Capital competitors and assessment
Company assessmentDirect peers
- Real Ventures: Montreal-based early-stage venture capital firm investing across seed and Series A in Quebec technology startups; the most direct head-to-head peer for AQC in the Quebec seed market, with co-investment overlap on deals such as BioIntelligence.
- Brightspark Ventures: Canadian early-stage VC focused on pre-seed and seed software; led Pricepoint's seed round alongside AQC and has co-invested with AQC in Coral, making it a closely comparable peer in the Canadian seed ecosystem.
- Graphite Ventures: Canadian early-stage VC investing across software and deep tech at pre-seed and seed; led Merinio's round alongside AQC and co-invested in Maxa Series A, making it a comparable seed-stage peer.
- Amplify Capital: Canadian impact-focused early-stage VC; led BioIntelligence's $5M round with AQC participation, and shares comparable Canadian seed-stage orientation, mission-driven framing, and check sizes.
- Anges Québec: Canada's largest angel investor network and AQC's flagship strategic partner; itself deploys seed capital into Quebec startups (e.g., Saguaro, Merinio, AAVAA) with overlapping investor base, making it a partner-as-peer rather than pure competitor.
- Front Ventures (formerly Panache Ventures): Canadian pre-seed and seed venture fund focused on technology startups across Quebec and Canada; comparable to AQC in stage, check size, and multi-sector approach, though less Quebec-anchored.
Broad incumbents
- BDC Capital: Canada's business development bank venture arm with multiple seed, growth, and industrial innovation funds; co-leads and co-invests alongside AQC across rounds (Maxa Series A, SELLIT9 seed, ChrysaLabs Series A), functioning as a deeper-pocketed incumbent partner-competitor.
- TELUS Ventures: Corporate venture capital arm of TELUS that co-invests alongside AQC in ChrysaLabs and other Quebec tech deals; functions as a strategic corporate VC rather than pure independent seed fund but competes for the same Quebec deal flow.
Regional players
- Cycle Capital: Quebec-based cleantech and industrial innovation venture capital firm; operates in the same Quebec ecosystem with overlapping institutional LP base, providing regional peer comparison for AQC's industrial/cleantech allocations.
Emerging players
- Ecofuel Accelerator: Quebec cleantech-focused accelerator and seed fund; invests in early-stage Quebec clean technology startups (co-invested with AQC in ChrysaLabs), making it an adjacent peer for AQC's cleantech allocations.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
AQC Capital social profiles
Digital presenceAQC Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
AQC Capital leadership team
Management profileNumber of profiles
Profiles4 records
AQC Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
AQC Capital M&A and investment
M&A and investmentM&A
Investments103 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about AQC Capital
What does AQC Capital do?
AQC Capital is a Quebec-based venture capital investment fund that provides pre-seed and seed equity financing to early-stage technology companies. The firm writes first cheques of up to $750,000 CAD with the possibility of re-investment, and can act as lead, co-lead, or follower in funding rounds. It manages over $160M CAD across two funds (AQC I and AQC II) and partners with the Anges Québec angel investor network for collaborative due diligence and co-investment.
Is AQC Capital a public or private company?
AQC Capital is a private company. It is classified as venture growth investor backed and is currently operating.
When was AQC Capital founded?
AQC Capital was founded in 2012. It employs 1 to 10 people.
Where is AQC Capital based?
AQC Capital is headquartered in Montréal, Canada, in the North America region.
How does AQC Capital make money?
One revenue line is on record: investment Returns.
Who are AQC Capital's main competitors?
Direct peers on record are Real Ventures, Brightspark Ventures, Graphite Ventures, Amplify Capital, Anges Québec and Front Ventures (formerly Panache Ventures). Broad incumbents are BDC Capital and TELUS Ventures. Cycle Capital is listed as a regional player. Ecofuel Accelerator is listed as an emerging player.
Does AQC Capital have an API?
No public API is recorded for AQC Capital.
What industry is AQC Capital in?
AQC Capital's product category is Venture Capital and Private Equity. Its primary akta.pro industry code is FSANAAAF, Corporate Venture Capital (CVC), with a secondary code of FSANAHAF, Corporate Strategic Partnership & Ecosystem Investment Arms. Its NAICS code is 523940 and its SIC code is 6282.