A total of $796 million CAD was obtained by iNovia Capital, a venture capital firm located in Montreal, to establish two new funds. Both a $265 million CAD early-stage fund and a $530 million CAD growth-stage fund have been successfully raised by the company. Since its debut in 2007, this is the company’s largest funding round to date. By doing this, iNovia joins a select group of Canadian corporations creating a growth-stage fund with the intention of making sizable investments in rapidly expanding domestic technology businesses.
“Inovia now has the financial capability to work with founders every step of the way,” the company said.
Inovia claims it is one of the few companies in the world able to provide ‘full-stack’ venture support, which includes assistance at all stages of a company’s development, from start-up through expansion. According to the company, it can invest up to $50 million US due to the size and operator-approach of its funds.
From inception through raising money on public markets and beyond, Inovia can now be a full-fledged partner to startup entrepreneurs. We can invest between $20 and $25 million initially during the expansion phase, or make an initial investment of $2 to $5 million at the early stage. According to a blog post by iNovia founder and managing partner Chris Arsenault, “we can achieve this while having ample of resources to support our excellent portfolio firms through several stages of growth.”
According to The Globe and Mail, iNovia’s original goal last year was to build a $500 million USD fund. A growth fund targeting funding rounds between $50 million and $100 million for “rapidly developing software enterprises producing millions of dollars in annual sales” was envisaged.
According to The Globe and Mail, the company may contribute an additional $100 million USD to its growth-stage fund after announcing today that it will invest $400 million USD. The VC firm’s newest early-stage fund is the fourth of its kind, and it has a total of $200 million. Once, iNovia handled $500 million over three funds. Former BlackBerry CFO Dennis Kavelman and former Google Inc. CFO Patrick Pichette joined iNovia in April to work with Arsenault as co-leaders of the new fund.
CONNECTED: iNovia welcomes ex-Google and RIM executives as general partners
In addition to the announcement of its new funding, iNovia also revealed plans to enter the European market by establishing a presence in London. The company’s current primary markets are Montreal, Toronto, and San Francisco, where it maintains branch offices.
An increasing number of venture-backed organizations throughout the world are taking on a decentralized structure, as Arsenault put it. One of the most significant assets we can provide as a venture team is our ability to connect four of the world’s most prominent centers for technological innovation. With the “rich talent and intellectual property inside the European technological ecosystem,” iNovia plans to assist North American businesses break into the international market. Too far, iNovia has helped 80 businesses by providing financing and advice for M&A. Its portfolio firms include included – tech startup Top Hat, located in Toronto, and IPO hopeful Lightspeed.