Alberta Enterprise announced this week that it has invested US$15 million into Inovia Capital Growth Fund II to support Alberta-based technology companies in scaling beyond the start-up stage.
Inovia, according to a release, was “co-founded in Alberta and their team’s capital and leadership have helped build some of Canada’s modern tech successes including Symend, Tophat, Drivewyze, Neo Financial and Lightspeed.”
Alberta Enterprise CEO Kristina Williams said the investment represents not only one of its largest, but means Inovia will provide “not just capital, but mentorship and expert guidance to help our local companies grow and compete on a global scale.
“Our investments now support both early-stage start-ups and companies at a later stage to help Alberta’s tech companies to stay here and grow here.”
The US$450 million Inovia Growth Fund II is focused on growth stage investments in software-first companies, especially those looking to transform old industries or push new technology frontiers, the release stated.
It represents Alberta Enterprise’s third investment in an Inovia fund over the last decade.
Meanwhile, Doug Schweitzer, provincial minister of jobs, economy and innovation, said “world-class tech businesses are growing rapidly in Alberta. Continued investments by Alberta Enterprise into VC firms with global reach is key to motivating our top innovators to stay here and build their teams in Alberta.”
Inovia’s presence in Alberta is led by Shawn Abbott, who co-founded the firm in 2007 and supports both venture and growth investments as an Inovia partner.
Abbot, a former tech executive, said “our ongoing partnership with Alberta Enterprise builds on success; With Growth Fund II, we will provide the capital, mentorship and talent to support an amazing group of founders in their commitment to building massive businesses that matter to all of us.”
Since its inception, Alberta Enterprise has committed $219 million for investment to 20 VC funds that focus on informational technology, industrial technology and life sciences.
