Montréal-headquartered venture capital firm Inovia Capital has secured an initial $300 million USD for its third growth equity fund, Inovia Growth Fund III. This brings the firm two-thirds of the way to its $450 million target. The funding round was led by returning limited partner Caisse de dépôt et placement du Québec (CDPQ).
Inovia previously closed its first growth fund in 2019 with $400 million and its second in early 2021 with $450 million. Inovia aims to address gaps in Canada’s growth-stage tech sector. Partner Chris Arsenault emphasized the sector’s maturity and need for capital. Inovia expects to complete the fundraise by this fall.
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