Montreal startups vying for much-needed startup capital have received positive news Friday. That’s because a group of 23 venture capital firms, financial institutions and corporations have formed a new, $100 million fund for businesses, called Capital Intelligent Mtl.

Led by Quebecor, the new private fund will look to finance innovative businesses “who will contribute not only to building the smart city, but also to the development of know-how and to employment creation in Montreal.”

The City of Montreal, in partnership with the provincial government, will contribute $400,000 through 2018. The total funding will be granted to PME-MTL, a group of business professionals who will coordinate the group’s activities.

“What a great opportunity for entrepreneurs from here and elsewhere: venture capital funds coming together to stimulate the growth of innovative projects,” said Jacques Bernier, Teralys Capital’s president and founding member of Capital Intelligent Mtl. “The signal we’re sending to entrepreneurs and investors is clear: we’re ready to do business to encourage the development of the smart city.”

Entrepreneurs wishing to submit their project can do so via the Capital Intelligent Mtl website. The guidelines for submissions are as follows:

• You’re a startup or a growing company
• You offer innovative urban solutions
• Between $150,000 and $5,000,000
• Business model includes the creation of jobs in Montreal

“That so many important venture capital industry players are mobilizing to offer entrepreneurs the opportunity to bring their smart city vision to life is a testament to the potential of this sector,” said Christian Perron, executive director of PME MTL. “Capital Intelligent Mtl offers our ecosystem unprecedented opportunities.”

Harout Chitilian, the vice-chair of the executive committee responsible for information technologies, the Smart City, administrative reform and youth, said that the new initiative will generate economic impact through job creation and business development.

“This is concrete action that will help position Montreal as a recognized world leader among smart and digital cities,” he said.

Capital Intelligent Mtl is made up of these 23 groups:

Extraordinary Member:

• Québecor

Major Members :

• Le Fonds de solidarité FTQ
• Fondaction CSN

Members :

• Caisse de dépôt et placement du Québec (CDPQ)
• BDC Capital
• Desjardins Entreprises
• Teralys Capital
• Venture Capital Members:
• iNovia Capital
• Emerillion Capital
• Cycle Capital Management
• EnerTech Capital
• McRock Capital
• Interaction Ventures
• Tandem Expansion Fund
• Novacap
• Real Ventures
• Anges Québec
• White Star Capital
• Rho Ventures
• OpenText Enterprise Apps Fund
• Bank and Clients
• Georgian Partners
• Claridge