Inovia Capital Hits $200 Million First Close for Sixth Early-Stage Fund

Inovia Capital has completed a $200-million USD first close of its sixth early-stage venture capital fund, Fund VI, bringing the firm more than halfway to its $325-million USD target. The Montréal-based investor announced the news in a LinkedIn post, according to BetaKit.

Inovia Capital's Fund VI First Close

Returning Inovia limited partners supported the first close, including the Business Development Bank of Canada, La Caisse de dépôt et placement du Québec, Canadian Imperial Bank of Commerce, Fondaction, Fonds de solidarité FTQ, Investissement Québec, and Teralys Capital. It took Inovia six months to reach the $200-million USD mark, and the firm hopes to hit its $325-million USD target by the first quarter of 2027.

Inovia partner Karamdeep Nijjar told BetaKit over email that Fund VI will focus on AI-native startups and emerging frontier technologies across cybersecurity, infrastructure, developer operations, energy, compute, robotics, and quantum. He said Fund VI is the investment firm's "first completely AI-native fund where every business from day one is using AI in some way to change the world."

Nijjar credited Inovia's progress amid a tough fundraising market to the trust it has built among its LPs "over many years," and the strength of its platform, which spans discovery, VC, and growth equity. He also singled out the performance of Inovia's fifth venture fund, which he claimed has posted top-quartile performance relative to Cambridge Associates and Carta benchmarks thanks to its investments in fast-growing startups like Cohere, Flare, Gaia, and Spellbook, among others.

Inovia aims to make 15 to 20 core investments out of Fund VI in tech startups from seed to Series A across North America and Europe. Those efforts will be overseen by six partners: Nijjar, Magaly Charbonneau, Shawn Abbott, Kory Jeffrey, Taha Mubashir, and Steve Woods. Inovia plans to source opportunities for Fund VI from its Discovery Program for emerging managers, a fund-of-funds initiative it launched a few years ago with a $25-million USD first fund, and it is building the next version of that platform with Northleaf Capital Partners.

Inovia Capital's Funding Records

According to akta.pro company records, Inovia's third growth equity fund has raised US$365 million toward a US$450 million target, while the firm prepares to raise a sixth venture fund and a new Discovery fund by 2026. Inovia and Northleaf Capital Partners launched the Discovery by Inovia x Northleaf joint platform in May 2026, combining Northleaf's US$1 billion-plus in Canadian venture fund commitments across more than 65 fund manager investments with Inovia's US$2.5 billion in assets under management. Inovia and Mila, the Quebec AI research institute, partnered in January 2026 to launch the Venture Scientist Fund, a US$100 million fund targeting at least 55 AI-native startups commercializing research from Canadian universities.

Inovia Capital's Recent Deals

In August 2026, Peripheral, a Toronto-based AI research lab, announced the closing of an $8.7 million seed funding round co-led by Inovia Capital and Deloitte Ventures, bringing its total funding to $12.5 million, according to FinancialContent Business Page. In May 2026, Inovia Capital and Northleaf Capital Partners announced the launch of Discovery, a joint platform designed to accelerate the next generation of Canadian emerging venture firms and founders, according to the Financial Post.

Inovia Capital's Next Steps

Inovia aims to reach its $325-million USD Fund VI target by the first quarter of 2027. The firm is building the next version of its Discovery platform with Northleaf Capital Partners, and Nijjar declined to share any more details on those plans at this time.