Launched in 2021, asterX represents Quebecor’s foray into venture capital, building on the company’s longstanding entrepreneurial spirit and commitment to innovation. Spearheaded by a seasoned private equity professional, asterX was created to cultivate bold entrepreneurship and to forge lasting partnerships with visionary founders by leveraging Quebecor’s robust ecosystem and network. As the corporate venture arm of Quebecor, asterX focuses on start-ups that can drive innovation in the conglomerate’s core business verticals (such as media, entertainment and telecommunications) as well as on disruptive emerging companies that address broader societal needs. The launch of asterX filled a notable gap in the Quebec venture landscape: despite record venture investment levels, there were very few large corporate players involved in startup funding, asterX being designed to help take the local innovation ecosystem to the next stage by adding a strategic corporate investor to the mix.
In its day-to-day role, asterX actively supports the growth of emerging businesses by investing from the seed stage through to growth phases, while positioning itself as a strategic ally to entrepreneurs. Beyond providing capital injections, asterX offers its portfolio companies privileged access to Quebecor’s leading-edge operational expertise, extensive media assets and broad professional network, giving start-ups a unique springboard to develop and validate their innovations on a larger scale. The fund’s investment scope spans sectors such as advertising technology, digital media, sports tech and IoT, cybersecurity, and other high-potential domains that align with Quebecor’s strategic interests. asterX typically makes investments ranging from a few hundred thousand to a few million dollars, and if it backs a company at the early stage, it aims to continue supporting the most promising ventures through subsequent financing rounds. This agile approach, coupled with a stakeholder mindset, allows asterX to create a strong alignment of interests with start-ups – effectively becoming a vested partner in their success and helping them gain domestic market validation for their innovative solutions.
Beyond its venture investments, asterX also serves as a mandated operator of public support programs for the next generation of entrepreneurs. In this capacity, it administers an annual entrepreneurship grant competition at the university level, recognized as the most generous program of its kind in Quebec. Established in 1999 as a tribute to Quebecor’s founder, this long-running program encourages student entrepreneurs from campuses across the province to launch innovative business projects in any field. Each year it reaffirms the importance of backing young visionaries by awarding significant startup capital and providing mentorship, thus turning bold ideas conceived in academia into real companies. Over the years, this contest has led to the creation of dozens of new ventures, and a remarkable number of these student-founded companies are still thriving – nearly 65% of them – with alumni having collectively raised over $300 million in additional funding after the initial grant. Building on that legacy, asterX extended its reach even further in 2023 by nurturing entrepreneurial spirit at the elementary and high school levels. Through a long-standing provincial initiative, asterX helps award grants to entrepreneurial projects developed by students from grade school to college, sparking the interest of budding entrepreneurs at an early age. One such supported initiative involved a team of fourth-graders creating and selling thousands of compostable bags from recycled newspapers – an ingenious project that earned them recognition and exemplified how it’s never too early to dare and innovate. By combining venture investment with ecosystem-wide support and mentorship, asterX has become a cornerstone of Quebec’s start-up community. The organization operates as both an investor and an incubating catalyst, helping to launch a new wave of bold entrepreneurs and accelerating the growth of innovations that will shape the economy of the future.
