Alberta Enterprise Corporation invests US$12 million into newest Inovia early-stage fund

On Jun 15, 2022

AEC invests US$12M into Inovia Capital’s US$325M Venture Fund V to support sustained early-stage investment in Alberta’s rapidly expanding technology sector

EDMONTON, AB, June 15, 2022 /CNW/ – Alberta Enterprise announced today that it has invested US$12 million into Inovia Capital Venture Fund V to support the growth of early-stage companies in Alberta. Inovia was co-founded in Alberta and their team’s capital and leadership has helped build some of Alberta’s modern tech successes including Neo Financial, Symend, Drivewyse, Granify and Tugboat Logic.

“Our investment in Inovia’s Venture V fund provides Alberta startups with more access to early-stage capital and opens the door to an accomplished Canadian VC with a very strong track record of supporting startups as they scale,” commented Kristina Williams, CEO, Alberta Enterprise Corporation. “In a decade of working with Inovia and managing partner Shawn Abbott, we’ve seen Inovia’s local impact at helping build our strong Alberta tech ecosystem, with continued investment and growth for our promising entrepreneurs and co-investors.”

The US$325 million Inovia Venture Fund V will help build global, sustainable companies that strengthen the Canadian tech ecosystem. As the largest early-stage investor in Canada, 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 support from seed to scaleup and beyond. This is Alberta Enterprise’s fourth investment in an Inovia fund over the last decade.

“Alberta’s tech sector is a key driver of economic growth, diversification and employment in our province,” said Doug Schweitzer, Minister of Jobs, Economy and Innovation. “This investment will help Alberta Enterprise continue to lead the charge in giving Alberta start-ups access to much-needed capital and expertise, which will help to further grow the sector and create jobs across Alberta.”

Inovia Capital has a strong presence in Alberta led by Shawn Abbott, who co-founded the firm in 2007 and supports its venture investments as a partner. Shawn is a former 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 Top Hat, Bench Accounting, Eideticom, and Certn.

When Alberta Enterprise invests in Inovia funds, that attracts additional capital and mentorship for local startups. To date, for every $1 invested by Alberta Enterprise into Inovia funds, Inovia and their syndicate partners have invested more than $16 into Alberta tech companies. That amounts to a $400 million investment into Alberta companies over the last decade.

“We’re thrilled to have a continuing impact in Alberta with our latest fund partnership with Alberta Enterprise. With Venture Fund V, thanks to our growing team and our global network of advisors, we’ll continue to back and mentor entrepreneurs through their journey,” said Inovia Capital Partner, Shawn Abbott.

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$271 million for investment to twenty-six 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 capital firm that partners with founders to build impactful and enduring global companies. The team leverages an operator-led mindset to provide founders with multi-stage support, mentorship, and access to a worldwide network. Inovia manages over US$2.2B with operations in Montreal, Toronto, Calgary, San Francisco, and London. For more information, visit www.inovia.vc.

SOURCE Alberta Enterprise Corporation