PRINT THIS PAGE Canadian firm iNovia raises CAN$107m for seed and early stage VC fund28/03/2008. Source: AltAssets. 
Canadian seed and early stage venture capital firm iNovia Capital has raised CAN$107m for its latest fund, iNovia Investment Fund II. The new fund focuses on the IT, life sciences and cleantech sectors. The fundraising process was launched in November 2006 and in April 2007 the firm completed a first closing on CAN$64m. The final closing is expected to occur by the end of April 2008. Investors in iNovia II include Consensus Business Group, Caisse de depot et placement du Quebec, FIER Partners, BDC Capital, AVAC, Solidarity Fund QFL, Export Development Canada (EDC), Fondaction, McGill University's Endowment fund, the University of Alberta, Université de Sherbrooke, Bishop's University Foundation CSN, Gestion Univalor, Telesystem and a number of strategic angel investors.
iNovia II is expected to be invested over the course of the next four years. Initial investment tranches will typically be in the CAN$500,000 to CAN$2m range and can go up to CAN$7m over the life of a given company.
Mark de Groot, president and CEO of iNovia Capital, said, 'With iNovia's expanded presence across Canada, we will continue to execute on our seed and early stage investment strategy, and further build out our North American network of co-investors and deal flow providers, in order to generate strong returns for our stakeholders.'
iNovia's first fund, MSBi I, was raised in December 2001. The CAN$46m fund has invested in a portfolio of 15 companies.
iNovia also manages a university innovation-gap funding entity called MSBi Valorization (MSBiV), which is a small gap-innovation entity that only looks into deals related to its three partner universities (McGill, Sherbrooke and Bishop's universities) and their affiliated research institutions and hospitals.
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