A first Quebec fund for “Creative Industries 4.0”

Largely neglected by venture capital, Quebec companies that combine creativity and technology can count on the first fund dedicated to them, namely 40 million, managed by the Montreal firm Triptyq Capital.

Posted yesterday at 9:00am

Karim Benessaieh

Karim Benessaieh
The press

The announcement, which will be made this Thursday, marks the launch of this fund, which aims to recruit and support around twenty companies over the next four years. The term of the investments is 10 years, which places this fund in the “patient capital” category.

One of the founders of Triptyq Capital is Guillaume Thérien, who was CEO of Zú from 2018 to 2021. This ” hub creative, founded by Guy Laliberté, is essentially an incubator for entertainment companies. The other two shareholders of Triptyq are the engineer and administrator Bertrand Nepveu and the lawyer Charles Sylvestre.

For Mr. Thérien, this $40 million fund dedicated to what he calls “creative industries 4.0” fills an urgent need. “The creative industries were little known, very poorly explained, not very efficient in terms of funding,” he explains in an interview. Special effects, video games, music, the talent is there, there are incubators, venues, labs, but the money is mostly public or semi-government, in the form of contributions or tax credits. »

technologies for sale

Statistically, 11% of so-called “digital creative” companies have access to venture capital, he notes. Two thirds of the cases are companies with five or fewer employees. “We wanted to fix that. We made ours work, and here we are. »

What the Triptyq Capital I fund is looking for are seed companies developing solutions that can be used by other creative companies. So it’s not about financing one-off projects – shows, works or experiences – but about technologies. Three “axes” are targeted: support for creation, distribution platforms and protocols, and technologies and tools to connect creators and their audiences.

No company has yet been formally recruited, specifies Mr. Thérien, who believes that the context is particularly promising for start-ups. “It can be scary when tech stocks fall, but in times of crisis it’s time to reinvent yourself […]. It is becoming difficult for large companies to innovate quickly. Cooperation with startups and more agile companies, this is often the solution. »

The Metaverse in particular is an excellent opportunity for Quebec companies to establish themselves quickly. “In 2021, $13 billion was invested in the Metaverse, and just in the first few months of 2022 we’re at $120 billion. There’s a huge infrastructure and we have the talent in Quebec. »

Ambitious but realistic

The Triptyq Capital co-founder is aware of this, his $40 million fund will not compete with the giants in the field, like Andreessen Horowitz, who last May announced a $600 million fund earmarked for games in the metaverse.

“We are ambitious, but humble and realistic. We want to be there, play in the big leagues, be pioneers. We can’t be in tow just yet. »

Triptyq Capital I fund partners include Investissement Québec, Lune Rouge Group, National Bank, Behavior Interactive and PHI.

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