CPE News (2/19/2019) – iNovia Capital has announced the close of its fourth early-stage fund, iNovia Investment Fund 2018, and its first growth fund, iNovia Growth Fund, with US $200 million and US $400 million in capital commitments respectively.
Limited partner investors information was not disclosed, but in a separate news release, Caisse de dépôt et placement du Québec (CDPQ) said it committed US $75 million to the grwoth fund, and US $25 million to 2018 fund. iNovia’s 2015 fund was principally backed by Teralys Capital, CDPQ and Northleaf Venture Catalyst Fund. Terlays and Northleaf, two of government-backed Venture Capital Action Plan (VCAP) fund of funds, are likely to invest through their Venture Capital Catalyst Initiative (VCCI) fund of funds to the new funds.
The early stage fund will be led by GPs, Chris Arsenault, Karamdeep Nijjar, and Shawn Abbott and the growth fund will be led by GPs, Chris Arsenault, Patrick Pichette, and Dennis Kavelman.
iNovia Capital is also expanding activities in its core markets of Canada and Silicon Valley, opening a new office in London, UK.
“With this announced expansion, Inovia is one of the few firms in the world that can offer full-stack venture support to entrepreneurs – from early-stage through growth and beyond – by providing them with multi-stage capital, resources and coaching and supporting their rapid scale,” said the firm.
photo credit: iNovia Capital
Inovia Capital Raises $600 Million in Venture Funds, Expands Reach and Capabilities as Full-Stack Firm
Canada’s Go-To VC Firm Aligns for Early- and Growth-Stage Investments, Opens London Office
MONTREAL, Feb. 19, 2019 — Today Inovia Capital, Canada’s premier venture firm, announced that it has accelerated its leadership position by raising a fourth early-stage fund of US $200 million, as well as a new US $400 million growth-stage fund. The firm is further expanding activities in its core markets of Canada and Silicon Valley, and has opened a new office in London, providing entrepreneurs with a valuable bridge across the two continents.
Inovia backs founders with global aspirations, who leverage technology to improve people’s lives. The firm invests in applied services and infrastructure platforms focused on transforming complex legacy industries, such as financial services, healthcare, commerce, transportation, travel and others.
With this announced expansion, Inovia is one of the few firms in the world that can offer full-stack venture support to entrepreneurs – from early-stage through growth and beyond – by providing them with multi-stage capital, resources and coaching and supporting their rapid scale.
A pioneer in the Canadian startup community, Inovia Capital has supported over 80 companies as they raised a combined US $2.1billion.
Inovia’s full-stack, operator-led venture approach delivers the unique ability to support startups with checks ranging from US $2 million to $50 million and the experience to help them grow from 10 to 10,000 employees.
The new London office will capitalize on rich talent and intellectual property within the European technology ecosystem while helping launch North American companies into the European market. The office will be helmed by Inovia Capital general partner and industry heavyweight Patrick Pichette, former senior vice president and chief financial officer at Alphabet/Google.
The firm has supported its portfolio entrepreneurs in becoming category leaders, such as Lightspeed POS, Appdirect, Workfusion, Tophat, Luxury Retreatsand Clearpath Robotics, as well as provided guidance in M&A with top firms like Intel, Google, Airbnb and Disney, among others.
Chris Arsenault, general partner and co-founder, Inovia Capital, said: “We are excited to help build the next generation of respected global companies with a deep ambition to create a lasting, positive impact on humankind.”
Patrick Pichette, general partner, Inovia Capital, said: “Inovia Capital is laser-focused on supporting entrepreneurs. We invest in long-term relationships because we know from experience what it takes to build global champions.”
About Inovia Capital
Inovia Capital is a venture firm that partners with audacious founders to build enduring global technology companies. We seek to transform venture capital by perfecting the craft of investing in people first. We roll up our sleeves to serve founders with dedicated, long-term mentorship, a global talent network and strategic support for global scale. Together, we rewrite the rules of old industries, push technology frontiers and pursue bold visions of a better future. Inovia Capital manages over US $1B across five funds including early and growth stages, and holds offices in Montreal, Toronto, Calgary, San Francisco and London. For more information, visit inovia.vc.
Peggy Tierney Galvin
Nadel Phelan, Inc.