Montréal, Québec – In a significant development within the Canadian venture capital landscape, David Dufresne, a seasoned investor with over 20 years of experience, has joined AQC Capital as its newest investment partner. This move follows the closure of his early-stage firm CMD Capital, which halted fundraising earlier this year due to challenging market conditions.
Dufresne, who has previously managed funds at Panache Ventures, Relay Ventures, and Desjardins Venture Capital, now aims to bolster AQC Capital’s efforts in deploying the remainder of its second fund. The Québec government-backed firm co-invests with Anges Québec, an angel network, primarily at the seed stage. Dufresne plans to leverage his extensive network across Canada and the United States to bring new deal flow to AQC Capital and expects an increase in investment activity.
Despite a tough climate for seed-stage investing in Québec, Dufresne is optimistic about the capital available for deployment. He has highlighted the need for more early-stage private capital in the region, traditionally reliant on government funding. “In the last four to six months, deal flow has been better, and…it might be because there’s a lot of dry powder,” he stated, predicting increased venture activity.
In another noteworthy development, Nick Chen has been promoted to partner at Toronto-based Golden Ventures. After two years with the firm, Chen’s promotion comes as Golden Ventures continues deploying its $100 million USD Fund V, focusing on seed-stage investments across sectors such as B2B software, FinTech, and deep tech. Chen, who has a background in AI infrastructure and cybersecurity, will bring his expertise in these fields to his new role.
Golden Ventures Founder Matt Golden praised Chen’s forward-thinking approach, noting his ability to anticipate trends in AI and cybersecurity. Chen joins an accomplished team at Golden Ventures, which includes general partner Ameet Shah and partner Jamie Rosenblatt.
These strategic appointments reflect the dynamic nature of the Canadian venture capital scene, with key players positioning themselves to navigate and capitalize on emerging opportunities despite the recent fundraising challenges faced by the industry.
