Capital Financiere agricole, the venture capital arm of Quebec’s provincial ag lending agency, la Financiere agricole de Quebec, boosted its new investments by almost 40 per cent in its last fiscal year.
In its report for the year ending March 31, released Thursday, CFAI said it had authorized 12 new investments worth $5.7 million, a 20 per cent increase in the number of investments and a 37 per cent increase in total investment.
The average investment per project in 2007-08 was $475,000, up 15 per cent from the previous year, CFAI reported.
Of those investments, eight were in new enterprises: six in food processing and two in “upstream” agriculture.
The food processing sector represents 60 per cent of CFAI’s portfolio, the agency reported, compared to 30 per cent for “upstream” farming businesses.
CFAI’s volume of activity was well above last year and the most active since the venture capital agency’s creation, said its director general Dominique Vignola in a release Thursday.