iNovia Capital completes first close of $110 million for its third venture capital fund
Focused on backing exceptional entrepreneurs shaping the future of technology
Montreal, Calgary and New York, December 16, 2011 – iNovia Capital has raised $110 million for its third fund, iNovia Investment Fund III L.P. (“iNovia III”). iNovia III will build on the current strategy of backing exceptional founders and management teams transforming the Internet, Digital Media and Communications industries. “We have benefited from the support of top institutional and value added individual investors many of them return investors,” said Chris Arsenault, Managing Partner. “In prior funds, these investors have enabled us to invest in some of the more important companies in the sectors we focus on. From this base, we can leverage the network we have built over the years to make impact investments and help grow these companies thereafter wherever they are located.”
iNovia III received strong support from a comprehensive partnership of leading private and institutional Canadian investors, including; Teralys Capital, BDC Venture Capital, AVAC Ltd., Alberta Enterprise, the BC Renaissance Capital Fund and the iNovia General Partners.
“It is exactly this type of venture capital partnership that we see transforming venture capital and providing strong returns,” said Eric Legault, Managing Partner, Teralys Capital. “iNovia has a successful and committed team with each partner bringing prior entrepreneurial experience. They have a focused sector approach and a unique access to an international network. They have stuck to their already successful model with a similar size fund. We believe this will be critical in mentoring our talented entrepreneurs and fueling a rebirth in venture capital both here in Quebec and more broadly across North America.”
This fund also brings together more than fifteen highly successful entrepreneurs from Canada, the US and abroad as individual Limited Partners and venture partners. “Enabling our portfolio companies and our team to draw on the collective expertise of entrepreneurs that have already built large companies and shaped the industries we focus on is extremely helpful,” said Shawn Abbott, Partner.
“We share iNovia’s belief and commitment that world class companies can be built in Canada. We’re supporting the iNovia team because we see them actively and successfully delivering connectivity for entrepreneurs in Alberta and across Canada with world class advisors and partners for their portfolio,” said Rod Charko, President and CEO, Alberta Enterprise.
iNovia III’s investment focus is in information technology companies in North America. The initial investment size can be as low as only a few hundred thousand in seed stage companies with more mature investments as high as $10 million over the life of a given company.
“BDC’s investment in iNovia III is intended to help Canadian entrepreneurs create and grow successful, innovative technology businesses. As one of Canada’s few nationally focused venture capital investors, BDC is very active in supporting the emergence of world-class venture capitalists such as iNovia,” said Victor Scutaru, Director, Fund Investments, BDC Venture Capital.