iNovia Capital announced this morning that it has raised $110 million for its third fund, iNovia Investment Fund III L.P. (“iNovia III”).
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.
“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.
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.
Founded in 2002, iNovia has a rich history in Canadian Venture Capital and some impressive results with over 30 portfolio companies generating over $300 million in aggregate revenue. Two of those companies will do over $100 million in revenue this year, with several more on a revenue run rate of over $10 million.