iNovia Capital is now the first major seed and early stage private venture capital fund to set up operations in Alberta, Canada, according to the firm.
Its entrance to the market follows such groups as non-profit investor AVAC, the University of Alberta, and local angel investors and entrepreneurs.
“Alberta offers some of the most promising technology investment opportunities anywhere, a growing number of repeat entrepreneurs and an active angel community,” said iNovia partner Shawn Abbott in a statement.
Edmonton-based iNovia has set up operations in Alberta in partnership with local institutions in order to target Western Canada. The firm has inked privileged collaboration agreements with TEC Edmonton and University Technologies International. TEC is a joint venture between the University of Alberta and the Edmonton Economic Development Corporation that aids in the development of technology companies.
Similar partnerships exist between iNovia and a variety of other academic institutions including McGill University, the Université de Sherbrooke and Bishop’s University.
iNovia launched its second fund in March 2008 following a second closing. The iNovia Investment Fund II has C$107 million ($105 million) in commitments for seed and early stage venture capital in the information technology, life sciences and cleantech sectors.
Limited partners in the fund include Canadian pension plan asset manager Caisse de dépôt et placement du Quebec, Canadian venture firm BDC Capital, and McGill University’s Endowment Fund among others.
The fund intends to be fully invested within four years. Initial investments will range from C$500,000 to C$2 million with investment over the life of a company going up to $7 million.