Inovia Capital closes second growth-stage fund of US$450 Million
Inovia Capital today announced the closing of its second growth fund with US$450 million in committed capital. The fund, which saw strong support from existing investors such as Caisse de dépôt et placement du Québec (CDPQ) as well as some new ones, will invest in tech-focused growth-stage companies in industries such as financial services, healthcare, commerce, the future of work, and travel. The closing of this fund brings Inovia's total capital under management to over US$1.5B.
Growth Fund II is built on the proven track record of our first growth fund, a US$400M fund announced in February of 2019, and will continue investing in innovative, globally-minded companies primarily in Canada, but also in our growing US and EU networks. In addition to providing venture and growth capital across all stages of a company's development, Inovia truly differentiates itself by supporting its founders with a hands on, operator-led approach.
"Canada and Europe's track record of building global tech champions continues to accelerate," said Patrick Pichette, Partner, Inovia Capital. "Inovia provides our entrepreneurs with unique networks, operational know-how and support, helping them reach their global ambitions."
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Since launching Growth Fund I, Inovia has invested in category-leading companies such as Lightspeed (NYSE:LSPD), AppDirect, Sonder, Hopper, AlayaCare, WorkJam, Forward, Snapcommerce, and Symend.
“CDPQ is pleased to further its long-standing commitment to this key manager, which will help promote the growth of strong and competitive technology companies,” said Kim Thomassin, Executive Vice-President and Head of Investments in Québec and Stewardship Investing. “Investing in Inovia also represents an interesting source of co-investment opportunities for CDPQ, as was the case with Lightspeed, AppDirect, Hopper and AlayaCare.”
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"Attracting and retaining skilled talent is a critical success factor for all our scaling companies, so we are doubling down on our Canadian focused Remote Talent Program to meet the needs of our founders," commented Dennis Kavelman, Partner at Inovia Capital. "We also emphasize the importance of building a diverse workforce and great boards to make the best decisions to scale faster."
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The new growth fund is spearheaded by the same Partners: Chris Arsenault, Dennis Kavelman, and Patrick Pichette.
"Closing Growth Fund II is an exciting milestone for us. The success that our founders are achieving on the global stage is impressive. We are grateful to be able to count on long-standing relationships with our key limited partners, but are also pleased to welcome a new set of investors who share our vision - supporting the building of global tech companies," mentioned Chris Arsenault, Partner at Inovia Capital.
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Inovia is one of the few full-stack venture capital firms headquartered in Canada, and has invested over US$750M across 100 companies that have collectively raised over US$5.3B and currently employ over 10,000 people worldwide.
About Inovia Capital
Inovia Capital is a venture firm that partners up with audacious founders ready to build enduring global technology companies. We are known to roll up our sleeves and serve founders with dedicated, long-term mentorship, a global talent network and strategic support for global scale. Inovia Capital manages over US$1.5B across early and growth-stage funds and holds offices in Montreal, Toronto, Calgary, San Francisco and London. For more information, visit: inovia.vc.
About CDPQ
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2020, CDPQ’s net assets total CAD 365.5 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.
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