April 22, 2021
Inovia Capital is already one of the largest venture capital funds in Canada and it has just raised its second fund to invest in emerging Canadian technology companies.
Inovia is co-managed by a powerhouse, all-Canadian team of founding partner Chris Arsenault, ex-Google CFO Patrick Pichette and ex-Blackberry CFO Dennis Kavelman. Inovia is one of the few Canadian venture funds that back growth-stage companies. Two years ago, Inovia raised its first growth fund of US$400 million and have now just secured another US$450 million for a second growth fund. Investors include Caisse de dépôt et placement du Québec, Kensington Capital Partners, Northleaf Capital, Fonds de solidarité FTQ, BMO Capital Markets and ten Inovia-backed CEOs.
Inovia is committed to Canada’s technology sector and is helping to fuel its growth. Its first fund invested in Canadian technology companies such as Lightspeed POS Inc., Hopper Inc. and Symend Inc. Inovia intentionally raise 90 per cent of the new fund from Canadian investors; Dan Wismer of BMO Capital Markets said “we share a vision for helping companies scale globally, and in particular, helping to build the Canadian technology ecosystem.
Inovia’s raising of its second fund comes a year ahead of schedule after it backed ten companies with its first fund.
Author: Jay Piett