AB: Venture Capital fund look to Western Canada for growth
By Mario Cywinski | April 26, 2008
AB: An early stage venture capital funds company has decided to establish a presence in the province's growing market by creating partnerships with local institutions.
INovia Capital by way of its iNovia II investment fund is working with western Canadian entrepreneurs, and is expecting to invest in many companies over a four year period. Usually, these investments begin at half a million dollars and can grow up to $7 million.
Interestingly, this is the first major early stage private venture capital fund that has decided to start operations in the province. AVAC Ltd as well as the University of Alberta have led much of the discussions with INovia.
"Our investment in iNovia II as a limited partner under our recently launched IVAC Early Stage Venture Fund initiative represents a key step in building Alberta's access to capital for promising early stage companies," said Ross Bricker, president and CEO of AVAC Ltd.
Currently, iNovia has made partnership in the province that will be around a billion dollars per year by way of research and development.
"This amount of capital will not only help entrepreneurs commercialize their innovations and bring new and exciting products to market, but it will further help to build a more vibrant diversified economy in Alberta," said John Masters, President and CEO, Calgary Technologies Inc.
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