Inovia Capital closes $200M first tranche for AI-native venture fund VI

Inovia Capital has completed the first close of its sixth early-stage venture capital fund, securing $200 million USD (approximately $282 million CAD). This milestone brings the Montréal-based firm more than halfway toward its total target of $325 million USD for Fund VI. The investment vehicle is explicitly positioned as Inovia’s first completely AI-native fund, meaning every participating business must utilize AI from its inception.

The fund’s strategy mirrors its predecessor, Fund V, which Inovia claims posted top-quartile performance relative to Cambridge Associates and Carta benchmarks due to investments in companies like Cohere, Flare, Gaia, and Spellbook. The firm credits this progress amid a challenging fundraising climate to the trust built with its long-term limited partners (LPs), including the Business Development Bank of Canada and La Caisse de dépôt et placement du Québec.

Inovia plans to source these opportunities through its Discovery Program, a fund-of-funds initiative. The firm anticipates reaching its full $325 million USD target by the first quarter of 2027. This latest capital raise increases Inovia’s total assets under management to $2.7 billion USD.