Montreal, October 16, 2023
The Government of Quebec is providing $22.25 million to Cycle Momentum as part of a 5-year partnership, enabling the accelerator to scale new Climate Tech startups and launch an investment matching program named Origo program. The announcement was made today by the Minister of the Environment, Fight against Climate Change, Wildlife, and Parks, and Minister responsible for the Laurentides region, Mr. Benoit Charette.
Highlights:
- A 5-year agreement of $22.25 million to continue acceleration programs and create new projects
- This financing will support 5 acceleration programs per year for a total of 125 companies, and the creation of a bursary program
- From that amount, $12.25 million is earmarked for the Origo program, a program to encourage investment in innovative Climate Tech entrepreneurship in Québec
The funding will accelerate the growth of Cycle Momentum’s programs, with a commitment to conduct 5 acceleration programs annually, benefiting 125 companies in the next 5 years. Alongside this initiative is launched the investment matching funding program, named Origo program, aimed at supporting startups at the pre-seed and seed stages. The Origo program is open to Cycle Momentum’s accelerated companies and also to other Climate Tech companies based in Quebec.
Through this partnership, Cycle Momentum aims to achieve the following key objectives:
- Accelerate the development of the ecosystem and build a green economy based on Quebec technology companies with solid intellectual property that have a positive impact on the environment
- Increase investments in Quebec companies at the pre-seed and seed stages
- Attract startups in Quebec
Origo Program propelled by Cycle Momentum
The primary objective of Cycle Momentum with the Origo program is to address the challenges faced by startups in accessing funding during the pre-seed and seed stages. The investments will be provided in the form of equity or quasi-equity vehicles, aligned with investments made by members of the Circle of Partner Funds. The Cycle Momentum Origo program will invest $150,000 in funding in approximately 10 companies each year, with the potential for follow-on investments.
Quotes
“New technologies are essential to the success of the energy and climate transition, both in Quebec and around the world. By funding the emergence of these new technologies, Quebec is once again positioning itself as a leader in the fight against climate change.” – Benoit Charette, Minister of the Environment, Climate Change, Wildlife and Parks and Minister responsible for the Laurentides region.
“Cycle Momentum is pleased to pursue its collaboration with the Government of Quebec. Through this announcement, Cycle Momentum will expand its services while addressing the critical funding gaps faced by pre-seed and seed stage companies. Cycle Capital’s platform is proud to gather its investors’ ecosystem around some of the most promising Climate Tech startups in Quebec.” – Andrée-Lise Méthot Chair of the Board at Cycle Momentum and Founder and Managing Partner at Cycle Capital.
“Entrepreneurial support and access to capital are crucial in the development and commercialization of solutions to global environmental challenges. This partnership allows us to expand our programs and fill the funding gap for innovative technology entrepreneurship at the pre-seed and seed stages while attracting foreign and strategic investments into Quebec companies.” – Patrick Gagné, CEO of Cycle Momentum.
