iNovia Capital raises walloping US$600 million for new growth fund


iNovia Capital has raised one of the only private-sector funds in Canada geared toward making large investments in fast-growing “scale-up” technology firms, a move hailed as a significant step for Canada’s flourishing tech sector.

Per the Globe and Mail, iNovia set out last year to raise a “growth” fund specializing in leading US$50-million to US$100-million financing rounds by rapidly growing software firms generating millions of dollars a year in sales. Specifically, iNovia wrote in a release that it can contribute between US $2 million to $50 million per cheque, and the experience to help them grow to 10,000 employees.

iNovia recruited the former chief financial officers of BlackBerry Ltd. and Google parent Alphabet Inc., Dennis Kavelman and Patrick Pichette, respectively, to co-lead the fund with managing partner Chris Arsenault.

The firm revealed the details of the raise, which include its fourth early-stage fund of US $200 million, as well as the new US $400 million growth-stage fund. The firm is further expanding activities in its core markets of Canada and Silicon Valley, and has opened a new office in London, providing entrepreneurs with a valuable bridge across the two continents.

The new London office will “capitalize on rich talent and intellectual property within the European technology ecosystem” while helping launch North American companies into the European market. The office will be led by Pichette.

iNovia now calls itself “one of the few firms in the world that can offer full-stack venture support to entrepreneurs – from early-stage through growth and beyond – by providing them with multi-stage capital, resources and coaching and supporting their rapid scale.”

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