This marks AVAC’s sixth investment as an LP in a venture capital fund, and the third time they have participated in an iNovia round.
“AVAC has been a cornerstone Limited Partner through all three iNovia funds over nearly a decade, has contributed tremendously to our governance, and we’ve worked well together on mutual portfolio companies,” said Shawn Abbott, Managing Partner at iNovia Capital. “We continue to seek new ways of working together as iNovia pursues its aspiration to be a founder’s most trusted and accessible partner from idea to exit.”
AVAC is joining key North American institutional LPs as investors and will participate in the Limited Partner Advisory Committee. Other investors include several investment companies, institutions, family offices, as well as a dozen founders of iNovia-backed portfolio companies.
“While investment returns are a first priority, our relationship with the iNovia team has allowed us to monitor and evaluate many other performance and management elements that have afforded us the confidence to continue our participation with iNovia,” says Warren Bergen, President of AVAC. “This is a heads-up team working in a constant state of evaluation of their investments, their markets and of themselves. We are proud to be invested with a team that is always looking to better their business.”
With the close of iNovia Investment Fund 2015, iNovia has established side-car funds that will facilitate one-off investments by LPs. The larger capital pool allows portfolio companies to be funded with more substantial follow-on rounds.