Alberta Enterprise Corporation invests US$10M in newly announced Inovia 2018 VC fund
With its strong Alberta presence, Inovia 2018 offers a new source of VC capital to Alberta-based Information and Communication Technology (ICT) startups.
EDMONTON, Feb. 19, 2019 /CNW/ - Alberta Enterprise Corporation has announced it has invested US$10M in the Inovia investment Fund 2018, L.P. (Inovia 2018).
Introduced by Inovia Capital Inc. earlier today, this new venture capital (VC) fund is focused on early-stage investments in Information and Communications Technology (ICT) companies. The new fund has raised US $200M. This is Inovia's fourth early stage fund.
Over the past decade, Inovia has established itself among Canada's leading venture capital firms. Calgary-based founding partner, Shawn Abbott, is part of the team managing the Inovia 2018 fund.
Abbott is confident their latest fund will continue to add considerable value to Alberta ICT startups and stakeholders through the fund's deal flow and global industry network.
"We now have unprecedented capacity to back Alberta-based tech businesses. Our approach is about more than just achieving a profitable exit for our investors. We are committed to helping the companies we support to become enduring, global technology leaders who can excel on the world market," Abbott said.
In addition to the early stage fund, Inovia announced a new US $400 million growth stage fund, and a new office in London (UK), which will increase its global presence.
Kristina Williams, President and CEO of Alberta Enterprise, said several Alberta technology startups have benefited from capital, mentorship and connections available through Inovia's previous early-stage funds, including CoolIT Systems™ and DriveWyze™. Williams believes the new fund will open the door for other companies to follow in their footsteps.
"Alberta Enterprise has enjoyed a long and successful relationship with Inovia. Their team has a proven track record of building well managed funds which provide real value to entrepreneurs while delivering consistently solid returns. Shawn has a genuine talent and passion for identifying Alberta start-ups with breakthrough potential. This new fund represents a great opportunity for Alberta's next tech innovators to access the capital and resources they need to stay and grow in the province," Williams said.
"We invest in the passionate few with the will, the wisdom and the wit to create a world that will become obvious to all tomorrow," added Abbott.
About Alberta Enterprise Corporation:
Alberta Enterprise Corporation promotes the development of Alberta's venture capital industry by investing in venture capital funds that finance early-stage 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 $174 million for investment to 16 VC funds, covering a diverse range of forward-looking industries including information technology, industrial technology, and life sciences. Our funds and their partners have invested more than $470 million into Alberta technology companies. www.alberta-enterprise.ca
About Inovia Capital
Inovia Capital is a venture firm that partners with audacious founders to build enduring global technology companies. We seek to transform venture capital by perfecting the craft of investing in people first. We roll up our sleeves to serve founders with dedicated, long-term mentorship, a global talent network and strategic support for global scale. Together, we rewrite the rules of old industries, push technology frontiers and pursue bold visions of a better future. Inovia Capital manages over US $1B across five funds including early and growth stages, and holds offices in Montreal, Toronto, Calgary, San Francisco and London. For more information, visit Inovia.vc.
SOURCE Alberta Enterprise Corporation
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