Proud Canadian Venture Firm Inovia Capital Raises US$450 Million for a Second Fund

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
Image by https://unsplash.com/@reddfrancisco
Authors
Expertise
Insights
-
Technology
Microsoft $400 Million Investment in Swiss Data Centres
Microsoft recently announced a US$400 million investment in its Swiss data centres to develop cloud computing and AI infrastructure in the country. The money will be used to expand and upgrade four of… -
Technology
Canadian Startup Zown Heads South to Revolutionize the US Real Estate Market
Since 2022, Zown Realty Inc. (“Zown”) has provided Canadians with an easy, fast and comprehensive app to support those looking to buy or sell real estate. Zown recently expanded into the United States… -
Technology
Eli Health Secures C$17M to Bring Hormone Testing to the Home
Eli Science Inc. (“Eli Health”), a Montreal-based startup, has secured C$17 million in Series A funding to launch its at-home hormone monitoring technology. This round of investment was led by… -
Technology
Google Announces Fashion-Forward Partnerships for AR Glasses
At Google’s annual developer conference, dubbed “Google I/O,” the company introduced a partnership with fashion brands Gentle Monster and Warby Parker. The goal of the partnership is to work together… -
Technology
Stablecorp Raises $2.5 million for QCAD Stablecoin
Stablecorp Inc. (“Stablecorp”), a Toronto-based fintech company, has secured C$2.5 million (approximately US$1.8 million) in strategic funding to accelerate the growth and advancement of QCAD, its… -
Technology
Google Grants Amii $5 million to Develop Post-Secondary AI Curricula
Google’s philanthropic wing, Google.org, announced a $5 million grant to the Alberta Machine Intelligence Institute (“Amii”) to develop and integrate artificial intelligence (“AI”) materials into…