MONTREAL – Quebecor announced today it is expanding its entrepreneurial activities with the launch of a new corporate venture capital arm, asterX.
“asterX will support start-ups that have the potential to stimulate innovation in Quebecor’s core business segments as well as game-changing businesses that are reshaping our everyday life,” a press release says.
Quebecor has supported local start-ups for over two decades through initiatives including Pierre Péladeau Bursaries, which have been awarded annually to university students since 1999 for innovative projects.
Furthermore, in the past year “Quebecor has partnered with nearly ten innovative start-ups in industries ranging from AdTech to MedTech with investments totalling several million dollars,” according to the press release.
asterX consolidates all of Quebecor’s entrepreneurship initiatives, taking the company’s “commitment to start-ups to a more strategic level with the goal of increasing its impact.”
Future investments in start-ups made by Quebecor will all happen through the asterX Capital Fund. “Beyond a capital injection, the companies backed by asterX Capital will also benefit from access to Quebecor’s leading-edge operational expertise, wide-ranging resources and extensive network,” the press release says.
Pelra Azondekon, who joined Quebecor last year, will lead asterX. She has nearly 15 years of experience in corporate finance, mergers and acquisitions and venture capital. “Among other things, she has previously led several large-scale investments in high-growth tech start-ups at Investissement Québec,” says the press release.
“2021 was a record year for venture capital investments in Québec and Canada, yet there are still very few local corporate players formally active in this field,” said Pierre Karl Péladeau, president and CEO of Quebecor, in the release.
“This category of investor is needed to nurture our growing innovation ecosystem and bring it to the next level. With asterX, we are pleased to position ourselves as strategic allies in the development of local start-ups by also giving them an opportunity to obtain domestic commercial validation upstream,” he said.
“Today’s announcement reaffirms our intention to become even more active in forging mutually beneficial partnerships with start-ups and strengthening Quebecor’s position as an innovation leader in its industry in Québec and Canada.”
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