The funding is being split between a US$200-million early-stage fund and a growth fund of US$400 million. Limited partners in the fund include the Caisse de dépôt et placement du Québec, RBC, TD, National Bank, Teralys Capital, Kensington Capital, Investissement Québec, BDC Capital, Northleaf Capital, Fonds de solidarité FTQ and Alberta Enterprise Corporation. (Globe and Mail)

Talking point: In a rare move for the VC industry, iNovia is creating two dedicated funds categorized by stage, rather than focusing on one. These funds are large for the Canadian VC space, but are representative of a growing trend. In August 2018, Georgian Partners raised $550 million in the largest-ever independent VC raise at the time. This announcement from iNovia is also in line with an analysis from The Logic that saw many Canadian venture capitalists expecting more activity in the later-stage industry.