Teralys Capital is proud to announce iNovia Capital has raised $110 million for its third fund, iNovia Investment Fund III L.P. iNovia III will build on the current strategy of backing exceptional founders and management teams transforming the Internet, Digital Media and Communications industries.
Teralys commits a significant investment of $50 million to iNovia Capital’s third fund. This commitment builds on the efforts initiated by Caisse de dépôt et placement du Québec, the Solidarity Fund QFL and Investissement Québec, in developing best-in-class firms in Québec. With an outstanding first close, iNovia III has the scale to deploy successfully its strategy and to address the current financing gap in the early development stages of technology companies in Québec.
“It is exactly this type of venture capital partnership that we see transforming venture capital and providing strong returns,” says Eric Legault, Managing Partner with Teralys Capital. “iNovia has a successful and committed team with each partners bringing prior entrepreneurial experience. They have a focused sector approach and a unique access to an international network. We believe this will be critical in mentoring our talented entrepreneurs and fueling a rebirth in venture capital both here in Québec and more broadly across North America.”
“We have benefited from the support of top institutional and value added individual investors, many of them return investors,” said Chris Arsenault, Managing Partner with iNovia Capital. “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.”
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” added Shawn Abbott, Partner, iNovia Capital.
iNovia III will invest in information technology companies, with a narrow sector focus in Internet, Digital Media and Communications industries. 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.
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, BC Renaissance Capital Fund and the iNovia General Partners.