IQ Fonds Impulsion (formerly Impulsion PME)
Eligibility & Details
What this program funds and who can apply
Program Description
Investissement Québec's Fonds Impulsion (successor to Impulsion PME) is a $200 million quasi-equity fund co-investing alongside private investors in early-stage Quebec technology companies using convertible debt instruments such as SAFE and KISS notes, ranging from $250,000 to $2,000,000 per company. IQ cannot exceed 50% of the total financing round and companies must be referred by a recognized incubator, accelerator, or sectoral research cluster — direct applications are not accepted.
Eligibility Requirements
- Must be an innovative, early-stage technology company incorporated in Quebec
- Must have high-growth potential (technology sector focus: software, digital, clean-tech)
- Must be referred by a recognized incubator, accelerator, or sectoral research cluster (direct applications not accepted)
- IQ investment cannot exceed 50% of the total financing round
- Financing provided as convertible debt (SAFE/KISS notes), ranging $250,000–$2,000,000
Quick Assessment
Funding Details
- Amount
- Varies (from $120M fund)
- Type
- Program
- Level
- Provincial
- Co-Funding
- Up to 50% of eligible costs
- Deadline
- Ongoing — successor to Impulsion PME, launched October 2025
Program Scorecard
Competition, effort, and approval at a glance
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How to Win
Insider tips, common pitfalls, and what successful applicants look like
Insider TipAccess is gated: you cannot apply to IQ Fonds Impulsion directly — you must be referred by a recognized incubator, accelerator, or sectoral research cluster (e. g., Centech, FounderFuel, District 3, Anges Québec, sectoral pôles). Joining a recognized ecosystem partner is the prerequisite. Once referred, co-investor quality matters as much as the amount — IQ favors co-investments alongside experienced angel networks or seed VCs over friends-and-family rounds. This is also patient capital with no monthly repayments (convertible notes convert at exit), but founders will give up a 5–20% equity stake.
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Rejection Pitfalls 9
- Not referred by a recognized ecosystem partner — no direct application path exists
- Co-investors are not recognized (friends-and-family only; no formal investor letters of intent)
- Revenues exceed $2,000,000 cumulative over three years (over the stage threshold)
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Success Profile
Innovative Quebec-based technology company (software, hardware, biotech, cleantech, AI) at pre-seed or seed stage with: (1) minimum 2 full-time employees, (2) first customer or market validation agreement, (3) revenues under $2M cumulative, (4) previous VC fundraising under $250K, (5) enrollment in a recognized incubator or accelerator, and (6) identified co-investors willing to invest on identical terms. Regional (outside Montreal CMA) startups have a higher funding ceiling. Biopharmaceutical companies with pre-revenue R&D are specifically exempted from the 'first customer' requirement. Companies with experienced founding teams, proprietary technology, and clear defensibility tend to succeed.
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Evaluation Criteria
Team quality (expertise, commitment, coachability); market size ($500M+ TAM typically expected); technology differentiation and defensibility; market traction (customers, pilots, LOIs); co-investor quality and track record; growth plan credibility and financial projections
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Application Playbook
Step-by-step process, required documents, and expenses
Application Steps
Required Documents 9
Eligible Expenses 1
- Any business purpose consistent with the company's growth plan (product development, hiring, sales, marketing, working capital, IP protection) — this is an equity investment, not a grant with prescribed eligible expenses
Ineligible Expenses 1
- No prescribed ineligible expenses — IQ holds standard investor rights as a noteholder, not a grant administrator. Companies outside program scope (non-innovative sectors, over revenue/VC thresholds) are ineligible for the fund itself.
Intake Periods
Ongoing rolling basis through recognized ecosystem partners. No annual intake calendar — files are referred and reviewed continuously. Selection committee meets on a rolling schedule.
Deadline Notes
Fonds Impulsion (successor to Impulsion PME) accepts applications on a rolling basis through recognized ecosystem partners. The original Impulsion PME program was suspended November 12, 2024, and replaced by Fonds Impulsion in October 2025. No annual intake deadline — continuous, competitive review by selection committee.
Open Application Portal →Ineligible Organizations
- Companies outside Quebec or with majority operations outside Quebec
- Non-innovative businesses (retail, personal services, real estate, restaurants)
- Companies with cumulative revenues over $2,000,000
- Companies with prior VC financing over $250,000
- Companies that have already completed an initial commercialization cycle
- Non-referred companies (no direct application path exists)
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Funding Stack Strategy
Compatible programs, clawback risk, and combined funding potential
Compatible Programs
Clawback Risk
Low RiskSee which programs combine with this one — and how much more you could get. Unlock with Premium →
How IQ Fonds Impulsion (formerl... Compares
Side-by-side with similar programs
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|---|---|---|---|---|
| IQ Fonds Impulsion (formerly Impulsio... | Varies (from $120M fund) | Hard | Equity | Ongoing — successor to... |
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