Montreal-based Inovia Capital has secured $200 million in a first close for Inovia Capital Fund VI, its sixth venture capital fund. The firm plans to deploy the capital over three years, backing between 25 and 30 startups across North America and Europe.
The fund will target sectors where AI is still early in adoption but mature enough to deliver economic impact, including cybersecurity, health technology and computing infrastructure. Inovia is prepared to write checks of $1 million to $10 million, including for pre-revenue companies.
Backers include La Caisse, the Business Development Bank of Canada, Investissement Québec, Teralys, the Fonds de solidarité FTQ, CIBC and Fondaction.
The fund’s focus reflects a sharp shift in investor attention toward AI. According to Inovia’s State of Software report, AI-native startups accounted for 40% of software deal value in Canada in 2025. Partner Magaly Charbonneau said the firm structured the fund in U.S. dollars to appeal to global teams.
Fund VI is smaller than Inovia’s fifth venture fund, which closed at $325 million in 2022. It arrives as Canadian capital increasingly flows into AI, with Toronto’s Radical Ventures recently securing more than $1 billion for later-stage AI companies. Inovia’s distinct role, however, lies in backing younger companies rather than providing growth-stage capital.
