A group of 23 venture capital firms, financial institutions and corporations have formed a new, $100 million fund for businesses, called Capital Intelligent Mtl, to help Montréal startups to help them to find capital.
Led by Quebecor, the new private fund will look to finance innovative businesses who will contribute not only to building the smart city but also to the development of know-how and to employment creation in Montreal.
The City of Montreal, in partnership with the provincial government, will contribute $400,000 through 2018. The total funding will be granted to PME-MTL, a group of business professionals who will coordinate the group’s activities.
Entrepreneurs wishing to submit their project can do so via the Capital Intelligent Mtl website. The guidelines for submissions are as follows:
- You’re a startup or a growing company
- You offer innovative urban solutions
- Between $150,000 and $5,000,000
- Business model includes the creation of jobs in Montreal
“This is concrete action that will help position Montreal as a recognized world leader among smart and digital cities,” said Harout Chitilian, the vice-chair of the executive committee responsible for information technologies, the Smart City, administrative reform and youth.
Source: Montreal in Technology