Inovia Capital Raises $450 Million for Second Growth Fund

By Thomas Price Tuesday, March 16, 2021

With startups cropping up all over the world, the need for funding, expertise, and support remains incredibly high. As a result, companies that focus on venture capital remain major players in the growth and development of startups as they provide resources that anyone starting a business may need. Inovia Capital is a venture capital company that recently closed its second-ever growth fund designed specifically to support tech-based, growth-stage startups and companies in several different fields of business.

An investment agreement document.

Inovia Capital’s Prior Success and Newest Fund

Inovia Capital has been a vital asset in funding growing startups over the past few years specifically through its original growth fund. Initially, the fund was worth $400 million and was specifically invested into growth-stage startups, while an additional $200 million was focused on early-stage businesses.

In total, the company has invested a whopping $750 million into 100 different companies since its founding. This has led to rapid expansion up to now, where Inovia Capital employs over 10,000 workers spread out all across the world.

Because of the first growth fund, the company was able to invest in several different businesses that have seen strong success since then. Major names from the original list include Lightspeed, AppDirect, Sonder, Hopper, AlayaCare, WorkJam, Forward, Snapcommerce, and Symend. These businesses were primarily based in Canada as the company made a focus on the region to support an area that oftentimes was left underfunded despite offering valuable and innovative startups.

Because of the success experienced by the company during Growth Fund I, the launch of Growth Fund II has been met with even more enthusiasm, along with an added $50 million. Growth Fund II is worth a total of $450 million and has been backed by both existing investors along with a host of new ones. Inovia Capital is now responsible for over $1.5 billion in total capital.

Plans for Growth Fund II

Much like with Growth Fund I, Inovia Capital plans to put a specific focus on startups and businesses in Growth Fund II, which is based primarily in Canada. However, there will also be an added expansion both into Europe as well as the United States (US). Similar to the first fund, the startups in question will also be tech-focused, though the field of business in which that tech is applied is still wide open.

In a statement provided alongside the announcement of Growth Fund II, partner of the business, Chris Arsenault, said, “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.”

About the Author

Headshot of Thomas Price

Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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