Propulso Raises $2.6 Million in a Strategic Round of Funding
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Magog, Quebec, Canada, June 19, 2024 — Propulso has been on the cutting edge of ethical data optimization since 2017. Now, the company is proud to announce the completion of its latest round of funding, which raised a total of $2.6 million. This achievement marks an important step in what promises to be a rapid international expansion.
Thanks to support from three major investors — Investissement Québec, Anges Québec and AQC Capital, and the resounding success of partnerships with the Alliance du tourisme du Québec and the Trans Canada Trail, Propulso continues to pursue its Canadian growth strategy and expects to enter the American market in 2025.
“Easy and affordable access to data is a priority for tourism businesses and associations. Propulso has proven itself an innovative and reliable partner by helping us develop solutions to the challenges facing our industry. We are excited about continuing this partnership for the benefit of tourism operators across Quebec.”. —Sébastien Benedict, Vice-President of Public Relations and Communications, Alliance du tourisme du Québec.
The financial support received during this round of funding has already allowed Propulso to double its workforce in just a matter of months, attracting top-level Quebec talent across a range of sectors. With these additional resources, the company expects to continue hiring at the same rate into 2025.
“AQC is proud to invest in the Propulso team. The technology solutions developed by this innovative Quebec company have made it possible for small, medium-sized and large businesses to harness the power of geolocation data for analysis and decision-making.” —Stéphane Caron, Partner, AQC Capital
This rapid and steady growth reflects strong investor confidence in Propulso’s vision and abilities. More staff will make it possible for the company to strengthen its R&D capabilities, step up innovation in the field of ethical data optimization, and effectively meet the growing international demand for its solutions.
“Clients value the accuracy and reliability of the market studies and marketing campaigns generated on the Propulso platform. This is a one-of-a-kind tool, a real game changer in terms of decision-making. The company stands out as much for its impressive growth as for its innovative ability to democratize ethical data access on a global scale.” —Louise McIntyre, Angel Investor, Anges Québec
This round of funding has also provided new opportunities for collaboration with the Town of Magog, Magog Technolopole and the Memphrémagog Regional County Municipality. They all appreciate Propulso’s importance as a driver of regional economic development and understand the challenge of growing an international high-tech company based in the region.
“This strategic investment acknowledges the merits of both our vision and our commitment to ethical innovation. We’re so happy with the opportunity to create skilled, high-value jobs in the region as we accelerate our expansion domestically and internationally.”. —Mathieu Le Reste, President and CEO, Propulso
Through its participation in several major technology events and trade shows, Propulso has already begun exploring opportunities in the United States. Key objectives include exporting the company’s expertise and products, generating economic spinoffs in Quebec, and contributing to the worldwide development of ethical data processing technologies.
“In addition to supporting Propulso’s internationalization efforts, Investissement Québec is pleased to participate in this round of funding, which will allow the company to continue its growth at home and abroad. Because it can rely on experienced partners, Propulso has everything it needs to remain competitive and continue developing innovative solutions that support the business strategies of organizations large and small, in both the public and private sectors.” —Bicha Ngo, President and CEO, Investissement Québec.
This unprecedented funding attests to strong investor confidence in Propulso’s vision and expertise. As it consolidates its position in the Canadian market and prepares for expansion into the United States, the company will continue to pursue innovation while remaining true to its core values of leadership and data ethics.
About Investissement Québec
Investissement Québec’s mission is to play an active role in Quebec’s economic development by stimulating business innovation, entrepreneurship, and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec Innovation. In addition, through Investissement Québec International, the Corporation prospects for talent and foreign investment, and assists Quebec businesses with export activities.
About AQC Capital
AQC Capital manages two venture capital funds to support businesses in the startup phase. The fund invests in Quebec companies in all sectors that seek to bring innovation to global markets. AQC Capital teams up with Anges Québec, the largest angel investor network in the country, and together the groups bring smart capital to start-ups thanks to their experience and network.
About Anges Quebec
As Canada’s largest group of angel investors, Anges Québec has been supporting passionate, innovative entrepreneurs for 15 years. With over 200 members from diverse backgrounds, we have invested close to $148 million in over 200 Quebec technology companies, in partnership with the AQC Capital fund. We are proud to play a leading role in Quebec’s venture capital industry, actively supporting local innovation.
About Alliance de l’industrie touristique du Québec
Representing more than 12,000 businesses and 50 regional and sectoral tourism associations, the Quebec Tourism Industry Alliance (Alliance) is the largest provincial tourism business federation in Canada. It embodies the commitment of the private and associative sectors to highlight the significant contribution of the tourism economic sector to the vitality of the regions while advocating on behalf of its members. All the Alliance’s actions aim to help make Quebec a sustainable, responsible, and prosperous world-class tourist destination.
