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About
Telegraph Ventures is a Québec-based early-stage fund, a spinoff of the Barcelona firm Telegraph Hill Capital. Étienne Mérineau — who co-founded the Montreal conversational-AI company Heyday and sold it to Hootsuite in 2021 — is the general partner managing it locally, supported by Telegraph Hill partners Luis Gutierrez Roy and Varun Dalal in Barcelona. It announced a $35 million first close in September 2025 against a $40 million target, with roughly half the capital from the Québec government via Investissement Québec, alongside Teralys Capital, Inovia Capital's Discovery fund-of-funds, and more than forty entrepreneurs and family offices. The plan is about thirty companies at pre-seed and seed, first cheques of $500,000 to $750,000, with reserves for follow-ons. The thesis is enterprise AI applied to a specific vertical, where the product improves on client data; Mérineau has said go-to-market and distribution will become the moat, and that Canadian founders need more optionality and more competition between funds.
Backers
Not applicable — Telegraph Ventures is itself an investor. Its own limited partners include Investissement Québec, Teralys Capital and Inovia Capital's Discovery fund, plus more than forty entrepreneurs and family offices.
Quick answers
What does Telegraph Ventures invest in?
Enterprise AI at pre-seed and seed, mostly in Québec. Mérineau has said he looks for founders solving a real problem in a large space with strong founder-market fit, and for products that get better as they accumulate client data in a specific vertical.
Who runs Telegraph Ventures?
Étienne Mérineau is the general partner managing the fund from Québec, with support from Telegraph Hill Capital partners Luis Gutierrez Roy and Varun Dalal in Barcelona. Mérineau co-founded Heyday, acquired by Hootsuite in 2021.
How large is the fund?
It announced a $35 million first close in September 2025 and was targeting $40 million by year-end, with about half the capital coming from the Québec government.