Fonds de solidarité FTQ commits $15 mln to Genesys Ventures III
The Fonds de solidarité FTQ has made a $15 million capital commitment to Genesys Ventures III, the third life sciences fund of Canadian venture capital firm Genesys Capital Management Inc. The investment is part and parcel of an effort to attract more investment to Québec’s life sciences sector.
“This new investment is in keeping with the strategy of the Fonds de solidarité FTQ to work with specialized funds such as Genesys that have a solid track record and an investment history in Québec. Our goal is to strengthen Québec’s foothold in the global life sciences network and consolidate jobs in this sector,” says Alain Denis, Senior Vice-President, Innovation, at the Fonds de solidarité FTQ.
“This investment will also have spinoffs in the rest of Canada, which besides Québec, has other concentrations of expertise in this sector,” Denis adds.
Didier Leconte, the firm’s Senior Investment Director, Life Sciences, says, “Genesys will back companies capable of advancing technologies and products that address unmet medical needs. It provides seed-stage funding and works closely with the company’s owners. The availability of capital from Québec partners like the Fonds, together with qualified labour and research infrastructures, are major advantages for an industry seeking to attract more investment to Québec.”
“With its clear strategy, specialized team, disciplined and steady investments thanks to the confidence shown by its shareholders, the Fonds de solidarité FTQ is moving ahead, step by step, towards realizing its vision of transforming Québec into a global biotech hub.”
Genesys Capital is focused on building companies in the high-growth sectors of healthcare and biotechnology. Through its expertise and network, Genesys accelerates the development of commercially viable emerging companies that represent promising life science investment opportunities. Genesys is one of the largest Canadian-based venture capital firms exclusively focused on the life sciences industry.
Both the Fonds de solidarité FTQ and Genesys Capital Management Inc. are members of the Canadian Venture Capital and Private Equity Association.