Glen Ventures receives $5 million to boost Quebec health tech startups

On December 2, 2024, in Montreal, Glen Ventures was awarded a significant investment mandate of $5 million by the Euréka investment fund. This fund was established by the Quebec government and is managed by Investissement Québec. The investment aims to support early-stage health care technology startups operating within Quebec's public research institutions. This initiative is part of a broader strategy to enhance the commercialization of health technology solutions developed through advanced scientific research in public institutions. As the only early-stage venture capital firm in Quebec focusing exclusively on health technology, Glen Ventures has established a unique position. Its leadership team consists of experts across various fields, allowing the firm to engage deeply with the McGill University Health Centre (MUHC) and other institutions. The mandate empowers Glen Ventures to actively identify and lead financing rounds while also providing vital support for emerging enterprises. This role is essential in aiding startups to navigate critical product development and market entry phases, including obtaining clinical validation and refining their business models. The Euréka investment fund, with a total capitalization of $100 million, seeks to foster innovation by bridging the gap between public research and commercial opportunities. Notably, Benoit Leroux, the Chairman of the Euréka investment fund board, highlighted Glen Ventures' pivotal role in linking advanced research with market potential. He emphasized the fund's commitment to creating new avenues for funding and commercialization of Quebec’s health care innovations, a sentiment echoed by Samuel Ohayon, managing partner of Glen Ventures. Ohayon remarked on Quebec's potential as a global hub for health technology, citing its robust AI talent pool, top-tier research institutions, and collaborative ecosystem. The strategic backing from the Euréka fund places Glen Ventures in a strong position to drive growth in Quebec's health technology sector. Through this financial support, Glen Ventures aims to transform innovations originating from public research institutions into viable commercial products that can significantly impact healthcare delivery.