Quebecor launches corporate venture capital division
Montreal-based Quebecor has launched a new corporate venture capital division called AsterX. The division is intended to provide funding to recently-established companies that “have the potential to stimulate innovation in Quebecor's core business segments,” according to the company. Quebecor will invest in these firms through an AsterX Capital fund. Recipient companies will also gain access to Quebecor expertise and resources. AsterX will be headed by Pelra Azondekon, who joined Quebecor in 2020. Prior to that, she was at Investissement Québec.
“2021 was a record year for venture capital investments in Quebec and Canada, yet there are still very few local corporate players formally active in this field,” says Pierre Karl Péladeau, president and CEO of Quebecor. “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.”