Desjardins Capital

Desjardins Capital is a private equity and venture capital firm based in Québec, Canada, and is a part of the Mouvement des caisses Desjardins. The firm specializes in investing in a variety of sectors, including healthcare, industrial technology, food, retail, and manufacturing. Its investment focus includes startups and companies at various growth stages, providing both equity and debt financing. Desjardins Capital targets businesses with significant growth potential, particularly those with proprietary intellectual property and a strong presence in Québec. The firm typically invests between $0.09 million and $24.22 million in equity, as well as offering loans ranging from $0.09 million to $484 million. In addition to traditional investments, it supports cooperatives and worker shareholder cooperatives, emphasizing sustainable growth and community development. Desjardins Capital has a history of fostering regional economic prosperity and aims to make a positive impact on the communities it serves.

Daniel Archambault

Investment Manager

Nathalie Bernard

COO

Eric Bolduc

Investment Director

Bujold, Jean-Philippe

Investment Manager

Jean-Philippe Coiteux

Investment Manager

Claude Delâge

Senior Investment Manager

Sylvain Fontaine

Investment Manager

Michel Leclerc

Vice President, Subordinated Debt

Marie-Andrée Roy-Turgeon

Investment Manager

John-Patrick Saker

Investment Manager

Marc Villeneuve

Vice President, Development and Outreach

Jean-Marc Wassef

Senior Investment Manager

33 past transactions

Puzzle Medical Devices

Series A in 2025
Puzzle Medical Devices Inc., founded in 2018 and based in Montreal, Canada, focuses on developing innovative heart pump technologies for treating advanced heart failure. The company's flagship product, the ModulHeart, is a modular percutaneous heart pump designed to reduce cardiac afterload and enhance renal perfusion in patients who are not candidates for heart transplant or surgical mechanical circulatory support. Its unique design allows for multiple pumps to be anchored in parallel within the descending aorta, facilitating hemodynamic support while minimizing risks associated with traditional procedures, such as bleeding and stroke. The ModulHeart aims to improve patient outcomes by providing sustained symptom relief, reducing hospital readmissions, and enhancing overall quality of life. Puzzle Medical has made significant progress, including completing its first-in-human study with positive results in cardiac and kidney function, receiving FDA Breakthrough Device Designation, and establishing a strong network of Key Opinion Leaders in the field.

Optable

Series A in 2025
Optable is a provider of data collaboration and clean room solutions tailored for the advertising ecosystem, addressing the challenges posed by privacy regulations. The company offers a platform that facilitates secure audience data matching and activation, enabling advertisers, publishers, and data companies to effectively collaborate while preserving user privacy. Optable's approach emphasizes a decentralized method for enhancing audience addressability, allowing for the safe onboarding and comparison of audience data among partners. By integrating with ad delivery platforms, Optable enables seamless campaign deployment directly from its clean room, positioning itself as a unique solution in the market that prioritizes secure and efficient data collaboration.

Manulift

Private Equity Round in 2024
Manulift EMI specializes in telescopic.

Laserax

Series C in 2024
Laserax manufactures industrial laser machines and systems for specific applications in the automotive, primary metals, as well as other manufacturing markets.

Laserax

Debt Financing in 2024
Laserax manufactures industrial laser machines and systems for specific applications in the automotive, primary metals, as well as other manufacturing markets.

First Capital REIT

Post in 2024
First Capital REIT is a mixed-use urban real estate developer, owner, and operator primarily focused on grocery-anchored, open-air centers located in Canada’s populated neighborhoods. The company aims to develop vibrant communities that enhance the experiences of local businesses, consumers, and residents. Through its commitment to creating thriving neighborhoods, First Capital REIT seeks to deliver value to all stakeholders, including investors and the communities it serves.

LOC International

Private Equity Round in 2024
LOC International is a designer, producer, and supplier of equipment and technology for the hospitality sector.

Qohash

Series B in 2024
Qohash Inc. is a Quebec City-based company that specializes in data security solutions through its online platform, Qostodian. Founded in 2018, Qohash offers a comprehensive suite of services that includes data discovery, integrity assurance, and threat detection and reporting. The platform is designed to help organizations monitor employee behavior and mitigate the risk of insider data breaches, which often take significant time to contain. By providing real-time alerts for risky activities, Qohash empowers businesses to act swiftly to prevent potential data breaches. Additionally, the platform supports compliance efforts by enabling entitlement reviews, exporting access control lists, and monitoring endpoints, making it suitable for sectors that require stringent data protection measures.

First Capital REIT

Post in 2024
First Capital REIT is a mixed-use urban real estate developer, owner, and operator primarily focused on grocery-anchored, open-air centers located in Canada’s populated neighborhoods. The company aims to develop vibrant communities that enhance the experiences of local businesses, consumers, and residents. Through its commitment to creating thriving neighborhoods, First Capital REIT seeks to deliver value to all stakeholders, including investors and the communities it serves.

LeddarTech

Post in 2023
LeddarTech Inc. specializes in advanced detection and ranging systems using time-of-flight measurement technology with infrared LEDs. The company offers a range of smart sensor modules, including single-element and multi-element systems tailored for various applications, such as industrial, traffic management, and smart home solutions. LeddarTech's technology is particularly focused on enhancing advanced driver assistance systems (ADAS) and autonomous driving by providing perception solutions that integrate data from various sensor types, including cameras and radar. Their flagship platform, LeddarVision™, facilitates the creation of comprehensive 3D environmental models, addressing critical challenges in environmental sensing and perception. With over 140 patents granted or pending, LeddarTech is committed to innovation in the automotive sector, serving original equipment manufacturers (OEMs) and automotive suppliers to accelerate development cycles and improve time-to-market. Founded in 2007 and based in Quebec City, Canada, the company also maintains a research and development office in Toronto.

Relocalize

Seed Round in 2023
Relocalize is decarbonizing and hyperlocalizing food & beverage manufacturing with distributed networks of fully autonomous hyperlocal micro-factories. RELO micro-factories produce fresher, greener, and more affordable packaged foods and beverages. They co-locate food production, packaging, and distribution in close proximity to distribution centers to achieve localized fulfillment. By eliminating unnecessary upstream trucking from production plants to retailers, the RELO system effectively reduces greenhouse gas emissions, operating costs, and supply chain risks. Transporting products made primarily of water on trucks comes at a huge economic and environmental cost. 20% of the GHG footprint of food comes from transportation according to Nature Sustainability, much of it from middle mile trucking. While the majority focuses on replacing their traditional trucking fleets with electric vehicles, we are questioning the fundamental design of centralized food supply chains by pioneering a distributed, hyper-local food production system, with the aim of completely eliminating trucks and the chain. Recently, Relocalize made a groundbreaking achievement, launching the world's first autonomous food & beverage micro-factory in collaboration with Southeastern Grocers in Florida. The RELO system produces packaged ice hyper-locally on-demand, effectively eliminating 100% of upstream logistics and transportation. The result is fresher, better and more affordable ice with an impressive 90% reduction in transportation carbon emissions.

Brilliant Matters

Seed Round in 2023
Brilliant Matters was created by passionate material scientists to answer the need for a reliable supply of a new generation of organic semiconductors. By using innovative chemical processes, we provide value-added and environmentally friendly solutions to emerging printed electronics technologies.

NeuroServo

Seed Round in 2023
NeuroServo has developed VEEGix, an innovative miniaturized prefrontal electroencephalogram (EEG) device tailored for emergency use in Intensive Care Units. Unlike traditional EEGs, which require extensive setup by technicians and neurologists, often leading to delays of up to four hours, VEEGix can be quickly installed by nursing staff to deliver immediate brain status assessments within a minute. This device is designed to function as an emergency EEG, crucial for timely intervention in critical cases where treatment windows are extremely short, thereby reducing the risk of permanent brain damage. Additionally, VEEGix serves as a cerebral monitoring tool for patients under sedation, enhancing patient care in high-stakes medical environments.

Korbit Technologies

Series A in 2023
Korbit Technologies, founded in 2018 and headquartered in Montreal, Canada, is focused on revolutionizing education through its AI-powered tutor, Korbi. This intelligent platform offers personalized learning experiences by adapting to each student's unique profile, providing interactive exercises, quizzes, visual diagrams, and real-time feedback. Korbi aims to enhance learning outcomes and motivation for students by delivering targeted pedagogical support in areas such as data science and artificial intelligence. The company also offers a free machine learning course and serves a diverse clientele, including students, educators, and corporations. With nearly 20,000 learners benefiting from its training programs, Korbit has gained recognition as one of the top AI startups globally, supported by partnerships with institutions like Mila, and has received media coverage from prominent outlets such as the New York Times and Forbes.

QScale

Venture Round in 2023
QScale is an IT company specializing in high-performance computing centers that focus on energy recovery and environmentally responsible data processing. The company develops advanced computing infrastructure tailored for artificial intelligence and machine learning applications. Its high-density campuses are designed to handle compute-intensive workloads, allowing clients to achieve faster results while minimizing their environmental impact. Through its innovative platform, QScale aims to operationalize AI processing in a sustainable manner, meeting the growing demand for efficient and eco-friendly computing solutions.

Optable

Series A in 2023
Optable is a provider of data collaboration and clean room solutions tailored for the advertising ecosystem, addressing the challenges posed by privacy regulations. The company offers a platform that facilitates secure audience data matching and activation, enabling advertisers, publishers, and data companies to effectively collaborate while preserving user privacy. Optable's approach emphasizes a decentralized method for enhancing audience addressability, allowing for the safe onboarding and comparison of audience data among partners. By integrating with ad delivery platforms, Optable enables seamless campaign deployment directly from its clean room, positioning itself as a unique solution in the market that prioritizes secure and efficient data collaboration.

MY01

Series A in 2023
MY01 Inc. is a Montreal-based company that designs and develops a digital medical device specifically for measuring muscle pressure, which is critical for diagnosing Acute Compartment Syndrome (ACS). Founded in 2015, MY01 focuses on providing real-time and accurate measurements that enable timely clinical decisions. The company's sensor technology utilizes capacitive pressure sensors featuring a stable vacuum reference and advanced coating materials, ensuring tailored sensing capabilities. This innovative approach enhances the sensitivity and specificity of ACS diagnostics, equipping medical professionals with essential tools for effective patient care.

Alice & Smith

Pre Seed Round in 2023
Alice & Smith is a recognized industry leader in massive interactive live events, LiveOps infrastructure, and Microsoft tools development. They provide middleware software solutions to accelerate Microsoft Azure adoption in the fields of massive interactive live events, LiveOps infrastructure, and enterprise gamification cloud. As a Microsoft subcontractor in 12 territories, as well as a Microsoft ECIF fund-approved entity, they assist 12,000 Microsoft sales representatives worldwide in growing the Azure Cloud client portfolio. Large-scale accounts include Microsoft, LA Clippers, Middle East Broadcasting Corporation, Twitch, Paradox Interactive, Funcom, Zynga, and many others. Their software, XR Server for Azure, as well as XR AI for Teams, operates on a monthly royalties model within the client infrastructure, allowing them and their system integrator to be fully autonomous in managing the technology in the enterprise pipeline.

Puzzle Medical Devices

Series A in 2023
Puzzle Medical Devices Inc., founded in 2018 and based in Montreal, Canada, focuses on developing innovative heart pump technologies for treating advanced heart failure. The company's flagship product, the ModulHeart, is a modular percutaneous heart pump designed to reduce cardiac afterload and enhance renal perfusion in patients who are not candidates for heart transplant or surgical mechanical circulatory support. Its unique design allows for multiple pumps to be anchored in parallel within the descending aorta, facilitating hemodynamic support while minimizing risks associated with traditional procedures, such as bleeding and stroke. The ModulHeart aims to improve patient outcomes by providing sustained symptom relief, reducing hospital readmissions, and enhancing overall quality of life. Puzzle Medical has made significant progress, including completing its first-in-human study with positive results in cardiac and kidney function, receiving FDA Breakthrough Device Designation, and establishing a strong network of Key Opinion Leaders in the field.

UgoWork

Series B in 2022
UgoWork is a manufacturing company that specializes in the production of lithium-ion batteries and energy systems for industrial purposes. More than a lithium-ion battery, it is a tool that alleviates the pain of operating forklifts on multiple shifts per day (typically more than 2,000 hours per year) in the food, pharmaceutical, retail, manufacturing, and logistics industries. It aims for a sustainable world driven by intelligent resource management and efficiency. It is committed to reducing the carbon footprint of the supply chain.

Therappx

Seed Round in 2022
Therappx is a provider of digital health tools curation services designed to streamline access to health software for healthcare organizations and their patients. The company focuses on facilitating the selection and deployment of appropriate health applications tailored to specific use cases. By evaluating apps based on criteria such as data rights, security, usability, clinical content, and economic feasibility, Therappx enables healthcare providers, payors, and employers to make informed decisions. Additionally, the company enhances patient engagement through clinical decision support processes that assist healthcare providers in prescribing suitable health apps. Therappx aims to establish itself as a global leader in data-driven decision-making for the distribution and reimbursement of health software.

Voilà! Technologies

Series A in 2022
Voilà! Technologies is a startup focused on workforce optimization through its innovative software solutions. The company's flagship product, Evolia, automates various aspects of schedule management, including personnel replacements and payroll preparation. By streamlining these processes, Evolia helps organizations adhere to their workforce budgets while enhancing employee retention and improving overall efficiency.

Gecko Alliance

Private Equity Round in 2022
Gecko Alliance is a leading manufacturer in the spa and hot tub industry with a worldwide recognized expertise in the design, the production and the marketing of control systems, keypads, pumps and value-added accessories for spa manufacturers, distributors, dealers, and technicians.

WeCook - Repas WeCook

Series C in 2022
Founded in 2013, WeCook Meals (formerly Nutrition Fit Plus) is a leader in home meal delivery, offering a wide range of tasty, balanced and personalized healthy meals made with fresh produce and meat, and healthy snacks. Subscribers can order from a diversified weekly menu. The Dorval-based company has over 450 employees serving Québec and Ontario.

Entosystem

Venture Round in 2022
Entosystem is a Canadian company based in Sherbrooke, founded in 2016, that specializes in producing insect-based proteins and flour aimed at enhancing the nutritional value of food waste. The company utilizes innovative insect farming technologies to recycle grocery waste, creating high-value insect protein products for the animal nutrition market, particularly for livestock such as fish and poultry. With a commitment to sustainability, Entosystem contributes to the circular agriculture economy by providing eco-friendly options that help reduce food waste while offering nutritious feed alternatives. Currently, the company employs a small team to support its operations.

A3 Surfaces

Seed Round in 2022
A3 Surfaces Inc. offers a surface treatment service incorporating various antimicrobial agents directly into the anodized aluminum layer. The antimicrobial effect of these surfaces prevents the transmission of hospital-acquired infections. The technology used by A3 Surfaces offers antibacterial products that eradicate pathogens and can be used on all commercial, industrial or institutional surfaces. Founded in 2015, this Chicoutimi company employs 5 people.

Orthogone

Venture Round in 2022
Orthogone is a multi-disciplined engineering firm specializing in consulting services for research and development, electronic product design, and digital transformation across various sectors. The company focuses on providing turnkey electronics product development, helping clients define and integrate all elements of embedded platforms. Its expertise spans industries such as healthcare, automotive, telecommunications, data centers, aerospace and defense, and security and surveillance. By leveraging technical expertise, Orthogone aims to drive innovation in software product development for its clients.

CHARBONE Hydrogen

Funding Round in 2022
CHARBONE Hydrogen operates as a green hydrogen company.

Axya

Seed Round in 2022
Axya is a startup that operates an online platform designed to connect small and medium-sized shop owners with suppliers in the manufacturing sector. The platform serves as a marketplace that standardizes and centralizes the subcontracting process, facilitating streamlined communication and collaboration between buyers and suppliers. By providing insightful information, Axya helps users navigate the complexities of the manufacturing industry, enabling them to make informed decisions and improve their operational efficiencies.

Oxio

Series A in 2021
Oxio is a connectivity platform based in Quebec, Canada, founded in 2017 by Marc-André Campagna and Francis Careau. The company operates as an internet service provider, offering customized internet packages designed to enhance user experience. These packages include free installation, stable internet speeds, and the provision of a modem and router, all without requiring contracts. Oxio aims to change the way individuals connect with their internet service provider by delivering affordable and flexible internet solutions.

C2Ro

Venture Round in 2020
C2Ro is a cloud robotics platform based in Montréal, Canada, specializing in intelligent software services that utilize machine learning and computer vision for mobile robotics. Founded in 2016, C2Ro offers a suite of solutions including robot monitoring, sensor data analysis, and multi-robot collaborative planning. The company's flagship product, ENTERA, is a leading privacy-aware AI video analytics platform designed for physical spaces, which leverages edge-cloud technology and existing surveillance systems while adhering to strict data privacy regulations. ENTERA provides insights into shopper journeys and socio-demographic data, facilitating data-driven decision-making to enhance customer experience and operational efficiency. Recognized for its innovation, C2Ro was named the most trusted retail technology provider in 2020 and has been acknowledged for its privacy-aware AI capabilities. In 2021, C2Ro became the official AI Video Analytics Technology provider for Telefonica Tech, demonstrating its commitment to consumer data protection while enhancing IoT and Big Data offerings.

Coop. Agri-Énergie Warwick

Seed Round in 2019
Coop. Agri-Énergie Warwick is an agricultural producers’ cooperative, it will produce natural gas using a bio-methanation process.
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