iNovia Capital completes first close of $110 million for its third venture capital fund
Focused on backing exceptional entrepreneurs shaping the future of
technology
MONTREAL, CALGARY AND NEW YORK, Dec. 16, 2011 /PRNewswire/ - iNovia
Capital has raised $110 million for its third fund, iNovia Investment
Fund III L.P. ("iNovia III"). iNovia III will build on the current
strategy of backing exceptional founders and management teams
transforming the Internet, Digital Media and Communications industries.
"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.
"It is exactly this type of venture capital partnership that we see
transforming venture capital and providing strong returns," said Eric
Legault, Managing Partner, Teralys Capital. "iNovia has a successful
and committed team with each partner bringing prior entrepreneurial
experience. They have a focused sector approach and a unique access to
an international network. They have stuck to their already successful
model with a similar size fund. We believe this will be critical in
mentoring our talented entrepreneurs and fueling a rebirth in venture
capital both here in Quebec and more broadly across North America."
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.
"We share iNovia's belief and commitment that world class companies can
be built in Canada. We're supporting the iNovia team because we see
them actively and successfully delivering connectivity for
entrepreneurs in Alberta and across Canada with world class advisors
and partners for their portfolio," said Rod Charko, President and CEO,
Alberta Enterprise.
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.
"BDC's investment in iNovia III is intended to help Canadian
entrepreneurs create and grow successful, innovative technology
businesses. As one of Canada's few nationally focused venture capital
investors, BDC is very active in supporting the emergence of
world-class venture capitalists such as iNovia," said Victor Scutaru,
Director, Fund Investments, BDC Venture Capital.
About iNovia Capital
About Teralys Capital
About BDC
About Alberta Enterprise
About AVAC Ltd.
About the BC Renaissance Capital Fund SOURCE INOVIA CAPITAL
iNovia partners with exceptional entrepreneurs to build successful
companies in high growth technology sectors. The team is comprised of
entrepreneurs and sector experts focused on Mobile, Internet and
Digital Media. iNovia has $275M under management across seed and early
stage funds. For more information, visit www.inoviacapital.com or follow iNovia on Twitter at www.twitter.com/iNovia
Teralys Capital is a technology?focused fund of funds financing private
venture capital funds that invest in information technology, life
sciences and cleantech companies. The fund has over $700 million in
capital commitments from Caisse de dépôt et placement du Québec, the
Solidarity Fund QFL and Investissement Québec. Teralys Capital is also
managing two existing portfolios of venture capital funds with
additional assets under management of over $600 million. It is
currently the largest fund of funds in Canada. Visit www.teralyscapital.com for more information.
Canada's business development bank, BDC, puts entrepreneurs first. With
almost 1,900 employees and more than 100 business centers across the
country, BDC offers financing, subordinate financing, venture capital
and consulting services to 29,000 small and medium-sized companies.
Their success is vital to Canada's economic prosperity. Visit www.bdc.ca for more information.
Alberta Enterprise promotes the development of Alberta's venture capital
industry by investing in VC funds that finance early stage technology
companies. Launched with a $100 million investment from the Government
of Alberta, Alberta Enterprise focuses on funds that have a strong
commitment to Alberta - including a full-time presence in the province.
The organization also supports Alberta's VC ecosystem by connecting
investors, entrepreneurs, and experienced technology executives who
share our passion for building a bright, innovative Alberta. Visit www.alberta-enterprise.ca for more information.
AVAC continues to break ground in Alberta with a significant
contribution to Alberta's emerging value-add industry, and the
fledgling venture capital sector. In partnership with a wide array of
partners, investees, and sponsors, AVAC continues to play a critical
role as the experienced investor in early-stage companies. AVAC Ltd.
has investment mandates in ICT (Information Communications Technology),
Life Sciences, Industrial Technology, Agribusiness value-added
(Agrivalue™) and Agriculture Research sectors. For more information,
please visit www.avacltd.com.
The B.C. Renaissance Capital Fund Ltd. (the "BCRCF") is a Crown
corporation that is wholly owned by the BC Immigrant Investment Fund
(BCIIF). The purpose of the BCRCF is to attract successful venture
capital managers and their capital to British Columbia in order to
develop promising, innovative technology companies in the Province. The
BCRCF was created for the purposes of pursuing investment in four key
technology sectors: new media, information technology, life sciences
and clean technology. To date, the BCRCF has committed capital to seven
venture fund managers based in the United States and Canada that have
approximately $2B in capital under management for investment. Visit www.bcrcf.ca for more information.
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