iNovia Capital creates third venture capital fund

iNovia Capital has raised $100 million to launch its third fund as it builds on its strategy of focusing on companies in the Internet, digital media and communications sectors. Funding of iNovia Investment Fund III LP was secured from new and existing investors including Teralys Capital, BDC Venture Capital, AVAC Ltd, Alberta Enterprise, BC Renaissance Capital Fund and iNovia's general partners. The fund has 15 US and Canadian entrepreneurs as its limited and venture partners, focusing on investments of less than $1 million for seed opportunities to $10 million for more mature investments over the life of a company.