New Portfolio Company, First State of Canadian Software Report and a Strong Momentum in the Portfolio!

We hope you had an inspired beginning of the year. Our team of company builders has been fully engaged in closing deals, supporting portfolio growth momentum, and exchanging valuable insights with the ecosystem. In the blink of an eye, spring is at our doorstep!

Here are the main highlights of the past quarter : 

  • We welcomed one new portfolio company, Pay Shepherd, pursuing the mission of helping data-driven heavy industrial enterprises streamline contractor management
  • We doubled down on our investment in portfolio company Spellbook, a Generative AI contract drafting solution for legal professionals
  • AppDirect raised US$100M from CDPQ to expand its financing program for tech businesses  
  • Dax Dasilva returned as the CEO of Lightspeed to accelerate profitable growth
  • We closed one growth investment, announcing shortly – stay tuned! 
  • Last but not least, we have published our first State of Canadian Software Report

Meanwhile, we maintained active involvement with operators, investors, and peers across North America, participating in various events such as the VCAA Conference, MaRS Impact AI, the CIX Summit, and Transform. Read below about additional activities during the last quarter.

— The Inovia Team

Portfolio News


  • Can You Hear Me Now? AI-Coustics to Fight Noisy Audio with Generative AI I TechCrunch
  • Contractor Management Platform PayShepherd Closes CAD$7M as Product, Market Expansion Continues I BetaKit
  • Bench IQ Raises CAD$2.8M in Pre-Seed Funding with Buy-In from Maple VC, Haystack I BetaKit
  • Legal AI Startup Raises $20M as Sector Draws More Investments I Reuters
  • CDPQ Invests CAD$136M Into AppDirect Lending Program for Tech Advisors I BetaKit

M&A and Partnerships

  • Flare Acquires Foretrace to Accelerate Threat Exposure Management Growth I NewsWire
  • Neo4j Announces Collaboration with Microsoft to Advance GenAI and Data Solutions I Press Release
  • AlayaCare Joins AWS Public Sector Partner Program I Press Release

Hiring, Talent Movement and Board Appointments

  • Bench Welcomes Todd Daum as CRO I LinkedIn
  • Top Hat’s Maggie Leen Appointed CEO Two Months After Joe Rohrlich’s Quiet Departure I BetaKit
  • Marcos Lopez, former Inovia EiR, Joins CreditApp as new CEO I LinkedIn
  • Sridhar Ramaswamy Named Chief Executive Officer of Snowflake, Frank Slootman Remains Chairman of the Board I Press Release
  • With New President Sarah Miller Wright, former Inovia EiR, Certn Targets Profitable Growth Over Acquisitions I BetaKit
  • Lightspeed Announces the Return of Dax Dasilva as CEO I Press Release


  • Andre Charoo from Maple VC on The Hard Part with Evan McCann I Spotify
  • Crossing Borders, Bridging Gaps: A Vision for Pre-Seed Success in Canadian Tech with Alex McIsaac of Northside Ventures I Tank Talks

Other Exciting News

  • With Help from AI, Symend Tries a Gentler Approach to Debt Collection I The Logic
  • Ex-BDC Partner Aims to Back Early-stage “AI Frontier” Startups with Defined Capital I BetaKit
  • Cohere Releases Powerful ‘Command-R’ Language Model for Enterprise Use I VentureBeat
  • Cohere Looks to Open New York Office as AI Interest Surges I The Logic
  • Cohere for AI Launches Open Source LLM for 101 Languages I VentureBeat
  • Spare: How AI is Helping to Prevent Three Buses Turning Up at Once I BBC
  • Hopper Ranks on List of 10 Most Downloaded OTA Apps in 2023 I Apptopia
  • Wealthsimple Banking on Payments Moves to Strengthen Ties With Customers I The Logic
  • Commit: OpenAI’s GPT Store Launch is Bigger Than You Think I BetaKit 
  • Wealthsimple is Starting to Look Like Canada’s Next Big Bank I The Globe and Mail

Inovia Thoughts

Portfolio Blogs

Portfolio Sessions

  • Impactful Leadership: Key Insights from Manon Brouillette I Inovia Blog

Inovia News

  • Welcome to Inovia Executive in Residence Mike Lueck I Inovia Blog

Emerging Manager Series

  • Inovia Emerging Managers Portrait Series: Meet Defined I Portrait
  • Inovia Emerging Managers Portrait Series: Meet Mighty Capital I Portrait
  • Inovia Emerging Managers Portrait Series: Meet The51 I Portrait
  • Inovia Emerging Managers Portrait Series: Meet FounderFuel I Portrait

Media interviews



Industry Highlights

  • Inovia Report Indicates Canadian Software Sector is Returning to Normal I Betakit
  • Third Edition of The 50: A Guide to the Canadian VC Ecosystem Highlights the Sector’s Resilience and Innovation I Press Release