Inovia Growth Fund II will invest in tech-focused growth-stage companies and follow in the steps of the Montreal VC’s Growth Fund I, which invested in the likes of Lightspeed, AppDirect, Hopper and AlayaCare, among others. This latest fund will focus on globally-minded companies primarily in Canada, but also in the U.S. and EU. (The Logic)
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Inovia Growth Fund II will invest in tech-focused growth-stage companies and follow in the steps of the Montreal VC’s Growth Fund I, which invested in the likes of Lightspeed, AppDirect, Hopper and AlayaCare, among others. This latest fund will focus on globally-minded companies primarily in Canada, but also in the U.S. and EU. (The Logic)
Talking point: The fund will be managed by Inovia partners Chris Arsenault; Patrick Pichette, Twitter’s board chair and ex-Google CFO; and Dennis Kavelman, who previously served as CFO of Research In Motion, now BlackBerry. Quebec’s public pension fund manager Caisse de dépôt et placement contributed US$75 million to the round. Though Inovia made its bones in the early-stage venture game, having seen the 2017 sale of Montreal-based Luxury Retreats to Airbnb, the VC’s commitment to growth-stage investment was clear in its strategic Lightspeed play, which saw the point-of-sale darling remain in Canadian hands.
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