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Innovative businesses given boost in Quebec

Businesses in Quebec have received a double infusion of cash for innovation, with the creation of a government-backed venture-capital fund-of-funds and a business incubator.

The Teralys Capital Innovation Fund is a private-sector-led fund of funds that will focus on the life sciences industry. It has $186 million from private investors, and $46.5m each from the governments of Canada and Quebec. Both governments have said they will increase their investment to a maximum of $62.5m as more private money is added.

“Canada needs a robust private-sector venture-capital market that provides investments in start-ups across the country. Our government remains committed to encouraging innovation and entrepreneurship that fosters the creation of breakthrough technologies and the jobs that come with it,” said finance minister Joe Oliver.

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