iNovia Growth Fund II closes at US $450M

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By CPE News

CPE News (3/16/2021) – Inovia Capital has held a final close for iNovia Growth Fund IIwith US $450 million in total committed capital.

Known limited partner (LP) investors include Fonds de solidarité FTQ (committed US $26.25 million), Alberta Enterprise (US $15 million). Three unnamed large Ontario investors committed CDN $61 million along with a large group of private investors.

The fund will invest in tech-focused growth-stage companies in industries such as financial services, healthcare, commerce, the future of work, and travel.

iNovia Capital Inc. is listed as the general partner (GP) for iNovia Growth Fund II with Chris Arsenault, Shawn Abbott, François Gauvin, Karamdeep Niijar, Dennis Kavelman, and Patrick Pichette as GP’s officers and directors.

photo credit: Steve Buissinne via pixabay

News Release

Inovia Capital Closes Second Growth-Stage Fund of $450 Million Français

The firm’s second growth-stage fund builds on Growth Fund I’s investment strategy of investing in companies ready to compete on the global stage

MONTREAL, March 16, 2021 /CNW/ – Inovia Capital today announced the closing of its second growth fund with US$450 million in committed capital. The fund, which saw strong support from existing and new investors, will invest in tech-focused growth-stage companies in industries such as financial services, healthcare, commerce, the future of work, and travel. The closing of this fund brings Inovia’s total capital under management to over US$1.5B.

Growth Fund II is built on the proven track record of our first growth fund, a US$400M fund announced in February of 2019, and will continue investing in innovative, globally-minded companies primarily in Canada, but also in our growing US and EU networks. In addition to providing venture and growth capital across all stages of a company’s development, Inovia truly differentiates itself by supporting its founders with a hands-on, operator-led approach.

“Canada and Europe’s track record of building global tech champions continues to accelerate,” said Patrick Pichette, Partner, Inovia Capital. “Inovia provides our entrepreneurs with unique networks, operational know-how and support, helping them reach their global ambitions.”

Since launching Growth Fund I, Inovia has invested in category-leading companies such as Lightspeed (NYSE:LSPD), AppDirect, Sonder, Hopper, AlayaCare, WorkJam, Forward, Snapcommerce, and Symend.

“Attracting and retaining skilled talent is a critical success factor for all our scaling companies, so we are doubling down on our Canadian focused Remote Talent Program to meet the needs of our founders,” commented Dennis Kavelman, Partner at Inovia Capital. “We also emphasize the importance of building a diverse workforce and great boards to make the best decisions to scale faster.”

The new growth fund is spearheaded by the same Partners: Chris Arsenault, Dennis Kavelman, and Patrick Pichette. “Closing Growth Fund II is an exciting milestone for us. The success that our founders are achieving on the global stage is impressive. We are grateful to be able to count on long-standing relationships with our key limited partners, but are also pleased to welcome a new set of investors who share our vision – supporting the building of global tech companies,” mentioned Chris Arsenault, Partner at Inovia Capital.

Inovia is one of the few full-stack venture capital firms headquartered in Canada, and has invested over US$750M across 100 companies that have collectively raised over US$5.3B and currently employ over 10,000 people worldwide.

About Inovia Capital

Inovia Capital is a venture firm that partners up with audacious founders ready to build enduring global technology companies. We are known to roll up our sleeves and serve founders with dedicated, long-term mentorship, a global talent network and strategic support for global scale. Inovia Capital manages over US$1.5B across early and growth-stage funds and holds offices in Montreal, Toronto, Calgary, San Francisco and London. For more information, visit

SOURCE iNovia Capital

For further information: North America, Erin Blaskie,, (613) 852-7301; Europe, Ben Goldsmith,, +44(0)7788295321