businessman documents smart phone digital tablet graph business diagram

Montreal-based iNovia Capital has raised a combined US$600 million for a pair of new tech-focused venture funds, the venture capital firm announced Tuesday.

The firm has raised US$200 million for a new early-stage fund that is targeting startups and US$400 million for a new growth-stage tech fund, iNovia says in a release.

Additionally, the firm is opening an office in London, U.K. to serve the European tech sector and help North American companies break into the European market.

La Caisse de dépôt et placement du Québec (CDPQ) is an investor in the two new funds, contributing US$20 million to the new startup fund and US$75 million to the fund that will focus on growing tech firms.

“This transaction reflects our desire to reaffirm our commitment to leading venture capital managers in Québec, thereby ensuring the development of strong technology companies,” says Charles Émond, executive vice president, Québec and global strategic planning at CDPQ, in a statement.

“True to our strategy of supporting the best-performing and most promising companies in the funds in our portfolio, the creation of these two new funds represents another source of attractive future co-investment opportunities for CDPQ,” he adds.