Inovia Capital closes second fund at €377 million and increases commitment to European companies

Inovia Capital today announced the closing of its second growth fund with around €377 in committed capital. As part of the launch, Inovia is confirming its increased presence in Europe. The London team is led by Inovia Partner Patrick Pichette, who is recognized for chairing the board of Twitter and NYSE-Lightspeed, as a founding member of the CDL Oxford, a jury member of Falling Walls in Germany, and as a Board member of Zwift, the cycling App.

“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,” said Pichette.

“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.”

The fund, which saw strong support from existing and new investors, will invest in tech-focused growth-stage companies in industries such as financial services, healthcare, commerce, the future of work, and travel. The closing of this fund brings Inovia’s total capital under management to over approx. €1.25 billion.

Growth Fund II is built on the proven track record of the first growth fund, an approx €335.1 million fund announced in February of 2019, and will continue investing in innovative, globally-minded companies in Europe, in addition to Canadian and US operations.

Since launching Growth Fund I, Inovia has invested in category-leading companies such as Lightspeed (NYSE:LSPD), AppDirect, Sonder, Hopper, AlayaCare, WorkJam, Forward, Snapcommerce, and Symend.

“Attracting and retaining skilled talent is a critical success factor for all our scaling companies, so we are doubling down on our successful Canadian focused Remote Talent Program to meet the needs of our founders,” said Dennis Kavelman, Partner at Inovia Capital. “We also emphasize the importance of building a diverse workforce and great boards to make the best decisions and scale faster.

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,” said Chris Arsenault, Partner at Inovia Capital.

Inovia has offices in Montreal, Toronto, Calgary, San Francisco and London, and is one of the few full-stack venture capital firms headquartered in Canada. It has invested over around €628.5 million across 100 companies that have collectively raised over around €Inovia Capital4.4 billion and currently employ over 10,000 people worldwide.