On October 21, 2025, Investissement Québec (IQ) has relaunched its early-stage investment initiative as the $200 million Fonds Impulsion, aiming to address declining seed-stage deal flow in Québec’s tech sector. The fund comprises $150 million previously dedicated to the Impulsion PME matching program and an additional $50 million from the province’s research and innovation strategy, as announced in the March budget. Fonds Impulsion targets pre-seed and seed-stage startups across all sectors, with plans to invest in about 70 Québec-based companies over a 10-year period, with the possibility of additional government funding. The fund will provide investments ranging from $250,000 to $2 million per company and can now offer multiple follow-on investments. Startups must apply and secure a reference from an approved ecosystem partner, with IQ acting as a complementary investor alongside private and quasi-public entities. The previous Impulsion PME program, which deployed about $65 million to 67 startups before its abrupt closure in November 2024, has been fully replaced by this new fund.