FundraiseOct 19, 2026, 23:34 UTC

Inovia raises $200M first close for AI-focused sixth venture fund

What's the deal? Montreal-based Inovia Capital has raised $200 million in a first close for Inovia Capital Fund VI, its sixth venture capital fund. The firm will deploy the money over three years, backing 25 to 30 startups in North America and Europe.

What's the endgame? Inovia is targeting sectors where artificial intelligence is early in adoption but mature enough to make an economic impact, including cybersecurity, health technology, and computing infrastructure. The firm is open to writing checks of $1 million to $10 million for pre-revenue companies.

Who's backing it? Investors include La Caisse, the Business Development Bank of Canada, Investissement Québec, Teralys, the Fonds de solidarité FTQ, CIBC, and Fondaction.

Why now? AI-native startups took 40% of software deal value in Canada in 2025, according to Inovia's own State of Software report. Partner Magaly Charbonneau said the firm structured the fund in US dollars to appeal to global teams.

The new fund is smaller than Inovia's fifth venture fund, which topped out at $325 million in 2022. Its AI-heavy mandate reflects a sharp shift in where investors are putting their attention.

The signal: Canadian capital is flowing into AI at growing scale, with Toronto's Radical Ventures recently securing more than $1 billion for later-stage AI companies. Inovia's raise joins that push, but its distinct role is backing younger companies rather than providing growth-stage capital.