Inovia Capital Hits $200 Million First Close for AI-Native Fund VI

Inovia Capital has reached a $200-million USD ($282-million CAD) first close for its sixth early-stage venture capital fund, according to BetaKit. The firm is targeting a total of $325 million USD for Fund VI and expects to reach that goal by the first quarter of 2027.

Inovia partner Karamdeep Nijjar told BetaKit that Fund VI marks the firm's first "completely AI-native fund," meaning every portfolio company will utilize AI to operate. The fund will target 15 to 20 core investments ranging from seed to Series A across Europe and North America. Beyond general AI, Nijjar noted a focus on frontier technologies including robotics, quantum, compute, energy, developer operations, infrastructure, and cybersecurity.

The first close was supported by returning limited partners, including Teralys Capital, Investissement Québec, Fondaction, Fonds de solidarité FTQ, La Caisse de dépôt et placement du Québec, the Business Development Bank of Canada, and the Canadian Imperial Bank of Commerce. Nijjar attributed the successful fundraising in a difficult market to the firm's platform strength and the top-quartile performance of its fifth fund, which included investments in Spellbook, Gaia, Flare, and Cohere.

Management of Fund VI will be led by partners Steve Woods, Taha Mubashir, Kory Jeffrey, Shawn Abbott, Magaly Charbonneau, and Nijjar. Inovia intends to source deals via its Discovery Program for emerging managers, which it is currently expanding in partnership with Northleaf Capital Partners.

This milestone brings Inovia's total assets under management to $2.7 billion USD. This follows the recent promotion of Mia Morisset to partner on the growth equity team, which has raised $365 million USD of a planned $450 million for its third fund, as well as a $100-million USD Venture Scientist Fund co-launched with the Mila Québec AI research institute.