Montreal-based technology investor Inovia Capital has secured a US$200 million (C$282 million) first close for its sixth early-stage venture capital fund, moving more than halfway toward its US$325 million target. The firm announced the milestone on LinkedIn on October 19, 2026, with support from returning limited partners that include BDC, Caisse de dépôt et placement du Québec, CIBC, Fondaction, Fonds de solidarité FTQ, Investissement Québec, and Teralys Capital. The first close brings Inovia's total assets under management to US$2.7 billion.
Fund Target and Limited Partner Support
The fund, known as Inovia Venture Fund 6, is expected to be very similar in strategy and size to its US$325 million predecessor, which closed in 2022. Inovia reached the US$200 million first close in six months and aims to complete the full raise by the first quarter of 2027. Partner Karamdeep Nijjar told BetaKit that the firm's progress reflects the trust it has built among its limited partners over many years.
All of the first close investors are returning limited partners, and most are Quebec or federal public and quasi-public institutions. Public money from Quebec and Ottawa remains a central source of capital for domestic early-stage funds, especially as Canadian venture fundraising conditions remain difficult. This support highlights the role of institutional investors in sustaining Canadian technology innovation.
AI-Native Strategy and Portfolio Focus
Nijjar described Fund VI as the firm's first completely AI-native fund, where every business is using artificial intelligence from day one to change the world. The fund will invest in AI-native startups and emerging frontier technologies across cybersecurity, infrastructure, developer operations, energy, compute, robotics, and quantum. Inovia plans to make 15 to 20 core investments from Seed to Series A across North America and Europe.
Fund VI will be overseen by six partners: Karamdeep Nijjar, Magaly Charbonneau, Shawn Abbott, Kory Jeffrey, Taha Mubashir, and Steve Woods. Jeffrey and Mubashir were promoted to partner last year. The team will combine Inovia's venture capital experience with its wider platform, which spans discovery, venture capital, and growth equity.
Track Record and Platform Expansion
Nijjar said Inovia's fifth venture fund has posted top-quartile performance relative to Cambridge Associates and Carta benchmarks, citing portfolio companies such as Cohere, Flare, Gaia, and Spellbook. Cohere, one of Canada's best-known AI companies, recently agreed to buy cybersecurity firm Aisle, an area of stated focus for Fund VI. These performance claims are based on Inovia's own reporting.
The firm's growth equity team, led by partner Mia Morisset, has raised US$365 million of a planned US$450 million for its third fund. Inovia is also co-launching a US$100 million Venture Scientist Fund with Quebec AI research institute Mila. These vehicles extend the firm's ability to support technology companies beyond its early-stage venture fund.
Inovia also plans to source opportunities for Fund VI from its Discovery Program, a fund-of-funds initiative launched with a US$25 million first fund. The firm is building the next version of that platform with Northleaf Capital Partners. Nijjar declined to share further details on those plans at this time.
The first close reinforces Inovia's position as a significant source of early-stage capital for Canadian and international founders during a challenging fundraising period. With a clear focus on AI-native companies and frontier technologies, the firm is aligning Fund VI with some of the most active areas of technology investment. Final close figures could still change as Inovia works toward its US$325 million target by the first quarter of 2027.