Inovia Capital closes $325m early-stage fund to strengthen the Canadian tech ecosystem

Inovia Capital closes $325m early-stage fund to strengthen the Canadian tech ecosystem

Published: 16-06-2022 15:43:00 | By: Pie Kamau | hits: 329 | Tags:

Inovia Capital announced it raised $325 million for its fifth early-stage fund, the latest step in its journey to help build global, sustainable companies that strengthen the Canadian tech ecosystem.

The fund, which saw strong support from existing and new investors, will back tech-focused companies in their aspiration to become category leaders. The closing brings Inovia's total capital under management to $2.2 billion.

Magaly Charbonneau, Partner, Inovia: "With this new fund, we will follow the proven strategy that's enabled us to find so many tech champions in the making since 2007. Thanks to our growing team and our global network of advisors, we'll continue to back and mentor entrepreneurs through their journey."

Inovia, which celebrates its 15th anniversary this year, is the largest early-stage investor in Canada. Since the beginning of 2021, the firm has raised three new funds totalling over $1 billion, a testament to its commitment to tech entrepreneurs.

With two growth funds, a recently closed continuation fund and an expanding team of experts and former entrepreneurs, the firm is fully equipped to support founders from seed to IPO and beyond. Rewind, Clearco and Snapcommerce are just a few examples of portfolio companies that received seed or Series A funding before graduating to Inovia's later-stage funds as they conquered their respective markets.

Shawn Abbott, Partner, Inovia: "Digital transformation is accelerating across legacy industries, spurred by the continued evolution of living and working habits. The Inovia network is surfacing great entrepreneurs across Canada and beyond as a result, and we are stronger than ever in our commitment to support them in becoming next-generation category leaders."

Inovia has already started putting Venture Fund V to work. It led the $10 million seed investment round in Signal 1, a health startup that uses artificial intelligence to predict which hospital patients are at a higher risk. It also recently led the CAD$9.5M Series A investment round in Flare, a leading cybersecurity provider enabling organizations to protect their data, financial resources, and reputation.