Inovia Capital raises €377M for second growth fund; looks to grow its presence, increase investments in Europe

Inovia Capital raises €377M for second growth fund; looks to grow its presence, increase investments in Europe

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Inovia Capital, a Montreal-based venture firm, has closed its second growth fund at $450M (approx €377M). The closing of the Growth Fund II brings Inovia’s total capital under management to $1.5B (approx €1.25M). 

Expanding presence in Europe

As part of the launch, the full-stack venture firm is planning to grow and expand its presence in Europe with a team based out of London. Inovia partner Patrick Pichette, known for chairing the board of Twitter and NYSE-Lightspeed will lead the London team. 

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“We are super enthusiastic about the growth stage opportunities in Europe. Europe plays host to an amazing array of up and coming entrepreneurial and tech talent, and more companies are raising early-stage investment every year,” Pichette says.

“But when the time comes to scale their businesses, Inovia is there not only with the financial capacity to fuel their growth, but more importantly with the networks and knowhow to enable entrepreneurs to build truly global champions and compete on the global stage.”

Notably, the London office will capitalise on rich talent and intellectual property within the European technology ecosystem while helping launch North American companies into the European market. 

Inovia Capital will invest funds in tech-focused growth-stage companies in industries such as financial services, healthcare, commerce, the future of work, and travel.

Growth Fund I in 2019

In 2019, Inovia Capital secured its first growth fund of $400M (approx €335M) along with a $200M (approx €167M) early-stage fund to expand its activities in its core markets of Canada and Silicon Valley. 

Since the Growth Fund I, the company has invested in category-leading companies such as Lightspeed, AppDirect, Sonder, Hopper, AlayaCare, WorkJam, Forward, Snapcommerce, and Symend.

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, and 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.

Backs founders with global aspirations

Inovia Capital backs founders with global aspirations, who leverage technology to improve people’s lives. Headquartered in Montreal, the company has offices in Toronto, Calgary, San Francisco, and London.

It has invested over $750M (approx €629M) across 100 companies that have collectively raised over $5.3B (approx €4.4B) and currently, employs over 10,000 people worldwide.

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