AEC invests US$15 million into Inovia Capital’s Growth Fund II to support growth-stage investment in Alberta’s rapidly expanding technology sector
EDMONTON, March 16, 2021 – Alberta Enterprise announced today that it has invested US$15 million into Inovia Capital Growth Fund II to support technology companies in scaling beyond the startup stage. Inovia was co-founded in Alberta and their team’s capital and leadership has helped build some of Canada’s modern tech successes including Symend, Tophat, Drivewyze, Neo Financial and Lightspeed.
“Our investment in Inovia’s Growth Fund II is one of the the largest in Alberta Enterprise’s history and we are thrilled to have their team provide not just capital, but mentorship and expert guidance to help our local companies grow and compete on a global scale,” commented Kristina Williams, CEO Alberta Enterprise Corporation. “Our investments now support both early stage startups and companies at a later stage to help Alberta’s tech companies to stay here and grow here.”
The US $450M Inovia Growth Fund II is focused on growth stage investments in software-first companies, especially those looking to transform old industries or push new technology frontiers. Inovia’s investment strategy and high-quality team have made them a top choice for many of Canada’s most ambitious technology businesses who seek out the capital and global company building support of the firm. This is Alberta Enterprise’s third investment in an Inovia fund over the last decade.
“We have world-class tech businesses growing rapidly in Alberta,” said Doug Schweitzer, Minister of Jobs, Economy and Innovation. “Continued investments by Alberta Enterprise into VC firms with global reach is key to motivating our top innovators to stay here and build their teams in Alberta.”
Inovia has a substantial presence in Alberta led by Shawn Abbott, who co-founded the firm in 2007 and supports both venture and growth investments as an Inovia partner. Shawn is a former tech executive who spent 25 years building technology businesses. He contributes extensive experience as an advisor to portfolio companies including Symend, and as a member of the board for Tugboat Logic, Tophat and Workfusion. Inovia has offices in Calgary, Montreal, Toronto, San Francisco and London and holds itself accountable for success in diversity on its team and within its portfolio.
“Our ongoing partnership with Alberta Enterprise Corporation builds on success; With Growth Fund II, we will provide the capital, mentorship and talent to support an amazing group of founders in their commitment to building massive businesses that matter to all of us,” said Shawn Abbott, Partner, Inovia Capital.
About Alberta Enterprise Corporation: www.alberta-enterprise.ca
Alberta Enterprise Corporation promotes the development of Alberta’s venture capital industry by investing in venture capital funds that finance technology companies. We focus on funds that have a strong commitment to Alberta – including a full-time presence in the province. In addition to capital, we support Alberta’s venture capital ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share our passion for building a bright, innovative Alberta. Since our inception we have committed C$219 million for investment to twenty VC funds including Accelerate Funds I, II and III, covering a diverse range of forward-looking industries including information technology, industrial technology and life sciences.
About Inovia Capital
Inovia Capital is a venture firm that partners with audacious founders ready to build enduring global technology companies. We are known to roll up our sleeves and serve founders with dedicated, long-term mentorship, a global talent network and strategic support for global scale. Inovia Capital manages over US$1.5B across early and growth-stage funds and holds offices in Montreal, Toronto, Calgary, San Francisco and London. For more information, visit inovia.vc.
Editorial Contact: +1 587-402-6601, info@alberta-enterprise.ca