Québec’s tech sector might be young compared to its global counterparts, but according to a new report, the province is starting to grow up.
According to Dealroom’s report, the province’s tech industry is now valued close to $95 billion CAD. The province ranks fourth in terms of ecosystem growth since 2019, trailing the Bay Area.
That growth, thanks in large part to companies launched within the last decade, according to the report. In fact, half of that value is from startups founded since 2010, compared to a national average of just 36 percent. It’s further indication that Québec’s tech sector is maturing.
With that maturation, hiring is heating up—and for talented job seekers in Québec, the opportunities are, too.
Notable names
Though Québec startups raised $1.8 billion in 2023 across 316 rounds, this is far from the dizzying highs of 2021 and 2022, when the sector saw $4 billion and $4.2 billion in investment, respectively..
By the close of Q2 this year, $600 million was secured in VC investment in Québec, meaning 2024 is tracking behind 2023 so far. However, annualized predictions from Dealroom see the region’s investment tracking at 3x growth, compared to Canada’s overall 3.1x growth, as well as global VC investment growth of 2.7x.
Overall, enterprise software, climate tech and energy were the heavy hitters of 2023 in Québec, a trend that has carried into this year as well.
Montréal-based Valsoft Corporation secured the highest funding round of $221 million in growth equity, closed in January 2024.
The second largest rounds were from 2023 and went to insurance and wealth management solutions provider Equisoft and blockchain tech startup Blockstream, which each raised $162 million.
Other notable rounds in 2023 were HR SaaS startup Workleap’s $125-million growth equity round, DalCor Pharmaceuticals’ $108-million Series D, cleantech software company dcbel Energy’s $67-million Series B, and Deep Sky’s $75-million Series A round.
Technically, SaaS is this year’s star vertical, accounting for 77 percent of all investment, however Valsoft’s mega round accounts for much of this.
Québec’s cleantech also appears to be attracting investors this year. As a region famed for its hydroelectric and wind power potential, it makes sense that Québec has seen a surge of funding in this sector. Since 2019, around 15 percent of Quebec’s venture capital investment has gone to climate tech startups—outpacing averages in Canada (12.3 percent), North America (10.2 percent), and globally (11.5 percent), with Ontario trailing at only 5.4 percent.
However, Québec lags in artificial intelligence—the hottest sector globally—with only 10.4 percent of its venture capital going to AI companies compared to a global average of 18.4 percent. This is surprising, given the province’s AI ecosystem is world-renowned, and may be partly because AI often overlaps with other fields, like cleantech and FinTech, where companies integrate AI without it being their primary focus.
In-demand roles
In a recent Canadian recruitment survey, 55 percent of hiring managers said they were hiring for new permanent roles, while 39 percent were hiring for vacated permanent roles, meaning there are plenty of job opportunities to explore, and Québec is no exception.
Strategic priorities for tech teams included system and information security, AI, machine learning and automation, cloud, digital transformation initiatives, and hybrid work technologies. However, 94 percent of technology managers said they are facing challenges finding skilled talent—this presents an opportunity for strategic job hunters willing to upskill.
As Québec continues to mature, the opportunities for job seekers are only expected to grow. BetaKit’s job board is updated daily, and as fresh investment continues to roll in, you’ll see updated advertisements for the above titles, and many more across Québec and Canada.
Ready to find your next tech challenge? Visit the Betakit Job Board today