Inovia Capital reaches $200 million first close for sixth early-stage fund

Inovia Capital completed a $200 million USD ($282 million CAD) first close for its sixth early-stage venture capital fund on October 19, 2026, according to BetaKit. The Montréal-based investment firm reached the figure six months after launching the vehicle, known as Fund VI.

The initial close places Inovia more than halfway toward its total fund target of $325 million USD. The firm plans to secure its final close for Fund VI in the first quarter of 2027, according to BetaKit.

Fund VI is designated as Inovia's first completely AI-native fund, requiring every portfolio company to use artificial intelligence from day one. Inovia partner Karamdeep Nijjar told BetaKit that Fund VI is the firm's "first completely AI-native fund where every business from day one is using AI in some way to change the world."

The fund plans to make 15 to 20 core investments in early-stage technology startups across North America and Europe. Targeted sectors include cybersecurity, infrastructure, developer operations, energy, compute, robotics, and quantum computing across seed to Series A stages.

Fund strategy and leadership

Six partners will oversee investment operations for Fund VI: Karamdeep Nijjar, Magaly Charbonneau, Shawn Abbott, Kory Jeffrey, Taha Mubashir, and Steve Woods. Inovia promoted Jeffrey and Mubashir to partner positions last year.

Several returning limited partners supported the first close, according to BetaKit. The investors include the Business Development Bank of Canada, La Caisse de dépôt et placement du Québec, Canadian Imperial Bank of Commerce, Fondaction, Fonds de solidarité FTQ, Investissement Québec, and Teralys Capital.

Inovia plans to source investment candidates through its Discovery Program for emerging managers. The firm launched that fund-of-funds initiative with a $25 million USD first fund and is building its next iteration alongside Northleaf Capital Partners, BetaKit reported.

Growth across investment vehicles

The $200 million USD close brings Inovia's total assets under management to $2.7 billion USD. Nijjar credited the fundraising progress to long-standing relationships with limited partners and the strong returns of its fifth venture fund.

Inovia's fifth venture fund posted top-quartile performance compared to Cambridge Associates and Carta benchmarks, according to Nijjar. That fund's portfolio includes fast-growing startups such as Cohere, Flare, Gaia, and Spellbook.

The latest milestone follows activity across Inovia's other capital pools. The firm recently promoted Mia Morisset to partner on its growth equity team, which has secured $365 million USD of a planned $450 million USD third growth fund. In early 2026, Inovia also announced a $100 million USD Venture Scientist Fund launched in collaboration with Québec AI research institute Mila.