Inovia Capital

Inovia describes itself as a full-stack venture firm: it can follow a company from its earliest cheque through to late-stage growth rounds. Alex Behal, who sits on the growth team, told TechTO's Boast Funding Stage at Toronto Tech Week that the firm runs nine active funds across four strategies — a pre-seed fund based in the UK, the Discovery fund-of-funds that invests in emerging managers, the venture fund, and the growth fund. He said the growth team typically engages at Series B and above, at roughly $5–15 million of ARR and often $10 million plus, looking for companies that have stopped searching for what works and are building the infrastructure of a more mature business. Behal came to Inovia from private equity in New York, including a two-year stint running Second City after its acquisition. He noted that Inovia's partnership is largely made up of former operators — two partners on the growth fund were CFOs of BlackBerry, and the former head of Google Canada is a venture partner.