Fonds de solidarité FTQ Invests US$26.25 Million in Inovia Growth Fund II
Inovia Capital's investments help Québec businesses digitize their workplace so they can compete on the international stage
MONTRÉAL, March 16, 2021 /CNW Telbec/ - An early partner of Inovia Capital, the Fonds de solidarité FTQ is once again supporting the franchise with an investment of US$26.25 million (C$33.4 million) in the new Inovia Growth Fund II.
A Québec venture capital firm co-founded by Chris Arsenault, Inovia has launched five funds since 2007 and currently has US$1.5 billion under management. Headquartered in Montréal, the firm has offices in Toronto, Calgary, London, and San Francisco. Inovia is recognized to have backed successful Québec entrepreneurs, among them Dax Dasilva of Lightspeed, Adrian Schauer of Alayacare and Steven Kramer of WorkJam.
« With the ongoing support of the Fonds de solidarité FTQ, the development of Inovia Capital over the past decade shows that Québec venture capital funds can now compete with their counterparts on the international stage," said Alain Denis, Senior Vice-President, Investments, at the Fonds de solidarité FTQ.
"Inovia Capital's second growth fund will enable entrepreneurs who think big to achieve their dreams. With the pandemic, the digitization of the economy has accelerated around the globe. Inovia's expertise in this area and this new fund will allow Québec companies in a key sector of the economy of the future to extend their reach into more international markets," said Didier Leconte, Vice-President, Investments, Technologies and Management of Funds, at the Fonds de solidarité FTQ.
"The team at the Fonds de solidarité FTQ first trusted us when we started MSBi Capital, an investment fund launched in 2002 to commercialize the research of four Québec universities. And thereafter reinforced their commitment to our vision across numerous Inovia venture and growth funds. That's the same type of relationship and trust entrepreneurs expect from us. We help build great businesses based on a shared vision," said Chris Arsenault, Partner at Inovia Capital.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ invests to build a better society by channelling the savings of its 700,000 shareholders into development and risk capital investments to help Québec transition to a green economy, to a human-centred world of work, and to a healthier society. The Fonds offers businesses unsecured financing and strategic support. With $15.6 billion in net assets as at November 30, 2020, the Fonds has supported more than 3,300 partner companies and over 220,000 jobs. To find out more, please visit fondsftq.com.
About Inovia Capital
Inovia Capital is a venture firm that partners up 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.
SOURCE Fonds de solidarité FTQ
Johanne Bissonnette, Senior Advisor, Public Relations, Fonds de solidarité FTQ, Telework phone number: 514 602-0698, Email: [email protected]
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