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Creation of a $107-Million Fund
FIER Partners Invests $25 Million in the New iNovia II Fund
Montréal, March 27, 2008 - The Minister of Economic Development, Innovation and Export Trade and Minister of Tourism, Raymond Bachand, and the CEO of FIER Partners, L.P., Jean-Sébastien Lamoureux, have announced a new investment of $25 million by the FIER Partners limited partnership in iNovia II, a $107-million fund that will invest in seed and pre-seed companies in the information technology, life sciences and clean technology fields.
"With this commitment, FIER Partners acknowledges the vitality, ambition and success of iNovia Capital's entrepreneurial team. I am especially pleased that FIER Partners is joining with other investment leaders in Québec to enable iNovia Capital to set up one of the largest seed and pre-seed venture capital funds in Québec," Minister Bachand stated"
"We are pleased to have FIER Partners as a key investor in iNovia II. FIER Partners shares our vision and our approach in supplying capital to entrepreneurs with innovative ideas who are looking to make a difference," said Mark de Groot, President and CEO of iNovia Capital.
iNovia Capital has the support of dynamic investors like FIER Partners, BDC Venture Capital, the Caisse de dépôt et placement du Québec, the Fonds de Solidarité FTQ, the Export Development Corporation (EDC) and Fondaction, and strategic investors like the Consensus Business Group, Telesystem, AVAC Ltd., McGill University, the University of Alberta, the Université de Sherbrooke and Bishop's University.
iNovia will thus continue to implement its strategy of investing in seed and pre-seed stage companies, while continuing to expand its North American network of co-investors and sources of investment opportunities that offer its partners solid returns.
FIER Partners has invested $25 million in the iNovia Capital II Investment Fund. A substantial portion of the capital was provided by investors from across Canada, the United Kingdom and Québec, such as the Caisse de dépôt et placement du Québec, the Fonds de Solidarité FTQ and Fondaction CSN.
"FIER Partners is satisfied with the progress made by the team at iNovia Capital and is pleased to have contributed to the next growth phase of this fund, whose objective is to meet a significant funding need for innovative entrepreneurs," Jean-Sébastien Lamoureux explained. "The ever-expanding network of iNovia partners across Canada, the United States and now Europe puts the fund in a unique competitive position on the venture capital market in Canada."
About FIER Partners
FIER Partners is one of three components of the Regional Economic Intervention Fund (FIER) set up by the Québec government via Investissement Québec. With $180 million in capital, FIER Partners has invested in ten sector-based and pre-seed funds based in Québec. For more information, visit : www.fierpartenaires.com
About iNovia Capital
iNovia Capital manages seed venture capital funds and helps entrepreneurs and innovators build companies that prosper in information technology, life sciences and clean technology.iNovia Capital's value-added approach to seed ventures offers companies in its portfolio capital unique access to the intellectual property of its university partners and access to an extensive network of industry partners, advisers and sector-based co-investors. For more information, visit: www.inoviacapital.com.
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Information:
Jean-Pierre Bernier
Spokesperson
FIER Partners
514 873-7244
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