- AQC Capital and Anges Québec led the round
- The total included C$670,000 from the Quebec government’s Impulsion PME program
- Ethnocare’s Overlay is made of a breathable textile and equipped with an air expansion system that can be adjusted by the user for optimal personalized comfort
Montreal-based Ethnocare, the developer of Overlay, a technological solution designed to improve the comfort and mobility of amputees, has raised C$2.5 million in seed financing.
AQC Capital and Anges Québec led the round. The total included C$670,000 from the Quebec government’s Impulsion PME program, for which Investissement Québec acts as the agent.
Bernard Poitras, a member of the Anges Québec network, joined Ethnocare’s board of directors as chairman.
Ethnocare’s Overlay is made of a breathable textile and equipped with an air expansion system that can be adjusted by the user for optimal personalized comfort. Easy to use and intuitive, it allows a superior fit to current systems.
Since entering the market in early 2023, Ethnocare has struck distribution agreements with Ortoped and BMI to accelerate its commercialization. It is currently developing the US, South American and European markets.
“AQC Capital is proud to invest in Ethnocare and support their mission to provide an innovative solution to improve the quality of life for people living with physical limitations,” said Serge Beauchemin, managing partner at AQC Capital, in a statement. “Ethnocare revolutionizes the orthopedic industry with a first product which brings a significant technological advance and which offers unequaled comfort to users and facilitates their autonomy. Future developments will take the technology even further by adding a digital and connected dimension to prosthetic products.”
AQC Capital manages two venture capital funds to support a wide range of Quebec companies in the startup phase looking to grow globally. It partners with Anges Québec.
Anges Québec, an angel investor network, has more than 230 members who have so far invested nearly $130 million in more than 190 Quebec companies.