iNovia is announcing their new fund today. The new fund, which comes in at $107million is focused on Seed and Early Stage deals in the information technology, life sciences and cleantech sectors.
iNovia, who most recently participated in the funding of StandOutJobs, has been engaging the startup community pretty directly lately and are usually visible at events like StartupCamp, blitzweekend and others. iNovia promotes itself as “Entrepreneurial Capital”. By they mean that they come from diverse and relevant backgrounds. Instead of being full of ex-banker, iNovia tends more towards entrepreneurs and people with experience working with startups.
With its recent additions, the iNovia Capital management team now comprises a diverse group of professionals, all of whom have operational or financial backgrounds, coupled with strong technical and business expertise. iNovia has also established a network of Venture Partners and Entrepreneurs in Residence, who provide industry insight and expertise, along with access to a large network of collaborators.
“Entrepreneurial Capital” can mean something else as well, and I think iNovia just might deliver. My definition of “Entrepreneurial Capital” is an Angel or VC who is just as hungry and hustles just as much as any startup. From coast to coast we hear complaints about poor dealflow for VCs and that this hurts their business. This may be true to an extent, but it is about to get a lot worse for those VCs who don’t show that same Entrepreneurial Spirit. Firms like iNovia, Montreal Startup, EVP and others are all going to be scooping up more and more of the best deals at very early stages simply because they will be engaged closely with the very communities that are giving birth to these startups.
Technology Venture Capital is a startup business in Canada. It is young, the players are largely inexperienced and the market is small but emerging. This is a good thing. If you are a VC with money to spend, you can still win. There is a massive community forming that is almost exclusively to your benefit and that community is working harder than ever before now.
We will be watching iNovia closely to see if they live up to all my hype.