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Inovia Capital closes second growth-stage fund at USD450m

Inovia Capital has held the closing of its second growth fund with USD450 million in committed capital. 

The fund, which saw strong support from existing and new investors, 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 USD1.5 billion.

Growth Fund II is built on the proven track record of our first growth fund, a USD400 million 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,” says Patrick Pichette, Partner, Inovia Capital. “Inovia provides our entrepreneurs with unique networks, operational know-how and support, helping them reach their global ambitions.”

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.

“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,” says Dennis Kavelman, Partner at Inovia Capital. “We also emphasise the importance of building a diverse workforce and great boards to make the best decisions to scale faster.”

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,” says Chris Arsenault, Partner at Inovia Capital.

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