Five startups chosen for first round of Québec Tech’s export mission

The first group of Québec companies selected for the Québec Tech growth and scale-up program was announced today, highlighting five companies chosen for the inaugural edition of Stage V.

These companies include BioIntelligence Technologies, a leader in industrial biotech; Ferreol Technologies, a hardtech sports equipment firm; FinTech company flovver; AI design firm Maket; and healthtech SaaS company Lime Santé.

Richard Chénier, general manager of Québec Tech, stated, "The goal is to fast-track the best of the best."

He emphasized that one of Québec's challenges is insufficient involvement from the private sector, adding, "We have to step up here in Québec."

Stage V is part of Québec Tech's broader mission to support Québec innovation and increase the number of hyper-growth scale-ups with international potential. This mission was introduced in July when the organization, formerly known as Startup Montréal, shifted its focus from early-stage startups to scaling companies across Québec.

The selected companies will receive customized support through Stage V, with Québec Tech utilizing its global network to assist with sales, marketing, and scaling efforts. Chénier also pointed out the resemblance to Investissement Québec’s new Grand V program, though he noted that Stage V is separate and focuses on different goals.

Each company will be provided with a dedicated growth budget, though the exact amount was not disclosed. Chénier clarified that this funding will not be equity-based.

The program is funded by Québec’s Ministry of Economy, Innovation and Energy, which has committed $7 million CAD over three years through the Stratégie québécoise de recherche et d’investissement en innovation (SQRI2). Additional financial support is provided by the federal government and the City of Montréal.

“The private sector needs to become more involved,” said Chénier, a sentiment shared by many key figures in the Québec ecosystem.

Stage V aims to provide the necessary tools, resources, and networks to help companies achieve a revenue milestone of $10 million ARR within 36 to 50 months, a common benchmark for companies applying for various support programs from Investissement Québec or Export Development Canada.

While the program focuses on scaling through sales, Chénier noted that once companies reach growth, investment will follow.

Joel Sirois, president and CEO of BioIntelligence Technologies, shared his excitement about accelerating sales in the US and Europe and leveraging Québec Tech's network to secure new clients and partnerships. He looks forward to connecting with experienced entrepreneurs who can guide the company through the next stage of growth, noting, "They'll be able to tell us where the trees are and where the trails are."

Chénier emphasized that Québec Tech will select new companies three times per year, but will prioritize quality over quantity. "It’s an elite program," he said, noting the involvement of 37 judges in the selection process.

In addition to Stage V, Québec Tech plans to introduce other phases, including V0 for early-stage startups supported by an incubator or accelerator, and VMAX for young scale-ups ready for rapid international growth. These new phases are expected to launch in 2025.