Inovia Capital wraps up $334m debut continuation vehicle

Canadian venture capital firm Inovia Capital has closed its first multi-asset continuation vehicle at $334 million.

Canadian venture capital firm Inovia Capital has closed its first multi-asset continuation vehicle at $334 million. Inovia Continuity Fund I was led by BlackRock’s Secondaries and Liquidity Solutions and HarbourVest Partners, with participation from Hollyport Capital, Kensington Capital Partners and Northleaf Capital Partners. It will support companies from different Inovia funds: AlayaCare, AppDirect, Bench Accounting, Clearco, Snapcommerce, Top Hat, TrackTik, TripleLift and Vidyard.

PRESS RELEASE

MONTREAL, QUEBEC, October 14, 2021 — Inovia Capital, a multi-stage venture capital firm building global tech champions, announced today the close of Inovia Continuity Fund I, L.P., its first multi-asset continuation vehicle in the order of US$334M.

Inovia welcomes new Limited Partner, BlackRock’s Secondaries and Liquidity Solutions group (“BlackRock”), and existing investor HarbourVest Partners as co-leads of the fund. Additionally, long-standing investor Northleaf Capital Partners joins Hollyport Capital and Kensington Capital Partners as participants in the fund. The closing of the fund brings Inovia’s total capital under management to over US$1.9B.

“We are pleased to partner with Inovia on this multi-asset continuation fund,” said Veena Isaac, Managing Director of BlackRock’s Secondaries and Liquidity Solutions team. “We have been impressed by the quality and strength of the assets, and Inovia’s active role in supporting their growth.”

The launch of this new fund provides Inovia with the necessary capital to acquire partial and full interest in high-performing portfolio companies from its vintage venture funds. This continuation vehicle further supports the growth of these companies over the coming years and bridges the gap between the time horizon of funds and the time horizon of building global companies.

“Inovia has been a proven partner over many years for HarbourVest and we are excited to expand our relationship with them through this investment,” said Mike Pugatch, Managing Director, HarbourVest Partners. “General Partners are increasingly looking for solutions that allow them to offer a liquidity option to their investors as they seek to extend the life of their investments, and we are pleased to have brought our long-standing expertise in the secondary market to bear in structuring this continuation fund with Inovia.”

“Northleaf is excited to deepen our partnership with Inovia and bring our secondaries expertise to support the launch of this innovative fund which strengthens the position of Inovia as a leading, multi-stage, technology investment firm.” said Ian Carew, Managing Director and Venture Partner at Northleaf Capital Partners.

The new fund will support nine high-performing portfolio companies from different Inovia funds: Bench Accounting, Clearco, Top Hat, TrackTik, TripleLift, Vidyard, as well as AlayaCare, AppDirect, and Snapcommerce which are also Inovia Growth Fund I, L.P portfolio companies’ co-investments.

“At Clearco, we know that becoming ubiquitous requires us to become long-term, trusted partners to founders. Inovia has the same philosophy,” said Andrew D’Souza, Co-Founder and CEO of Clearco. “Inovia has been a trusted partner of ours from the beginning, and they’ve supported our growth. The Inovia Continuity Fund allows us to extend that partnership as we scale our company.”

This first continuation fund is an important milestone for Inovia, broadening its reach and furthering its strategy to build global, sustainable tech companies. “With Inovia Continuity Fund I, we are equipping ourselves to support companies beyond the traditional venture capital cycle,” said Chris Arsenault, Partner at Inovia Capital. “This is part of the firm’s roadmap to support entrepreneurs from seed to IPO and beyond.”

About Inovia Capital
Inovia Capital is a multi-stage venture capital firm that partners up with audacious founders ready to build sustainable global technology companies. Inovia supports founders with dedicated, long-term mentorship, a global talent network and strategic guidance for global scale. Inovia Capital manages over US$1.9B across early and growth-stage funds and holds offices in Montreal, Toronto, Calgary, San Francisco and London.