Montreal-based iNovia Capital has set up shop in Edmonton, effectively creating the “first major seed and early stage private venture capital fund in Alberta.” They’ve partnered with TEC Edmonton and the University of Alberta, and will be located downtown in Enterprise Square.
iNovia’s latest fund of $107 million was announced last month. They usually make investments of between $500,000 and $2 million, but can invest up to $7 million over the life of a company.
“This is exactly what our entrepreneurs need — investors like iNovia willing to take on the risk of a startup company and provide mentoring and access to connections in the broader investment community around the world,” said Doug Horner, Alberta’s minister of Advanced Education and Technology.
Like their partner TEC Edmonton, iNovia focuses on the information technology, life sciences, and renewable energy industries.
This is great news for Edmonton, and indeed all of Alberta. iNovia’s focus is on companies with global potential, so being a local firm is only once piece of the puzzle. They want to help showcase the best that Alberta has to offer.
Other partners in the new venture include AVAC Ltd., University Technologies International, Calgary Technologies Inc., and the Alberta Research Council.