About Innovacorp
Innovacorp is a venture capital firm founded in 1995. It is primarily based out of Halifax, Canada. As of Mar 2022, Innovacorp has invested in 103 companies. It primarily invests in Seed round in Canada based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Food and Agriculture Tech and High Tech. Most recently it participated in the $***** Grant (prize money) round of Hollo Medical Overall, Innovacorp portfolio has seen 2 IPOs and 14 acquisitions including key companies like Tesla, Kivuto and Trip Ninja. A lot of funds co-invest with Innovacorp, with names like BDC sharing a substantial percentage of its portfolio. Innovacorp has team of 7 people including 2 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Grant (prize money) & 4 more
Portfolio IPOs
Innovacorp's List of Top Investments
Innovacorp has a portfolio of 103 companies. Their most notable investments are in Marecomms and Cotex Technologies.Their portfolio spans across Canada, United States, United Kingdom and 3 more locations. They have invested in Enterprise Applications, Food and Agriculture Tech, High Tech and 29 other sectors, across stages such as Seed, Grant (prize money) and 4 more. Here is the list of top investments by Innovacorp:1. Tesla
Electric vehicle and clean energy solutions provider. It manufactures electric vehicles and energy storage systems for consumers. The company designs, develops, manufactures, and sells electric vehicles. It also produces energy generation and storage systems. These products are offered to residential, commercial, and utility-scale customers. The company operates a network of service locations and charging stations.
Key facts about Tesla
- Founded Year: 2003
- Location: Austin (United States)
- Stage: Public
- Total Funding till date: $408M
- Employee Count: 134,785 as on Dec 31, 2025
- Investors: Sprout Capital Partners, SeedFord Partners and 72 Others
- Latest Funding Round: Post IPO, Feb 05, 2024, $*****
- Highlight: Public

2. BYOS
BYOS is a patent pending portable network security system that provides protected connectivity and air-gapping services to an electronic device. It enables the user to access secure internet on their device regardless of the network they are connected. It uses AI to protect the session and is capable of disconnecting all the connection in case of any fraudulent activity is detected to ensure the isolated integrity of the network. It keeps on monitoring the network traffic to and from the user device for the detection of threats. The solution is offered as a standalone device, which can be used by the individual end user, software/firmware solution is also offered which can be integrated electronic devices, network interface, operating system, networking devices, and cell phones. It can also be embedded with servers, SCADA (Supervisory Control and Data Acquisition) systems, IoT devices, E-voting machines, ATM machines, smart TV and satellites to increase their level of security. Features include a centralized management console for handling multiple devices simultaneously, hardware isolation based additional layer of security and AI-based real-time analysis of network protocol for threat detecion.
Key facts about BYOS
- Founded Year: 2017
- Location: Buenos Aires (Argentina)
- Stage: Series A
- Total Funding till date: $6.89M
- Employee Count: 37 as on May 31, 2026
- Investors: BDC, Atlantic Canada Opportunities Agency and 5 Others
- Latest Funding Round: Series A, Jun 27, 2024, $*****
- Highlight: Editors' Pick
3. TitanFile
Provider of end to end encryption and file sharing tool. It offers end to end encryption based file management and sharing tools for messaging and security process. It offers tools for file exchange, document security and storage, track file activity, emails management, electronic signature integration, metadata management, organize project files, audit logs, automatically applies watermarks to documents, multi factor authentication, data management, and more. It is a tool available on the subscription based pricing model.
Key facts about TitanFile
- Founded Year: 2011
- Location: Toronto (Canada)
- Stage: Seed
- Total Funding till date: $1.35M
- Employee Count: 27 as on May 31, 2026
- Investors: Canadian Technology Accelerator, L-Spark and 5 Others
- Latest Funding Round: Seed, Jul 15, 2025, $*****
4. KorrAI
AI-based mining exploration and geofencing solution. It provides a platform to interpret air and lidar imagery to generate contextual insights. It also provides access to subscription-based pre trained footprint features & builds customized quick learner solutions.
Key facts about KorrAI
- Founded Year: 2020
- Location: Halifax (Canada)
- Stage: Seed
- Total Funding till date: $562K
- Employee Count: 23 as on May 31, 2026
- Investors: Y Combinator, East Valley Ventures and 5 Others
- Latest Funding Round: Seed, Mar 30, 2022, $*****
5. Kivuto
Kivuto provides a web-based platform to educational institutions for distributing software according to their licensing requirements. Has partnered with software publishers including Microsoft, Adobe, VMware, National Instruments, Parallels and others. Manages worldwide academic software licensing programs, such as the DreamSpark program and is a Microsoft Gold Certified Partner. Provides a webstore for free and paid software downloads. Also provides a textbook adoption platform called Texidium. Contains publisher asset library, adoption, digital resource poertal and eReader Platform.
Key facts about Kivuto
- Founded Year: 1997
- Location: Ottawa (Canada)
- Stage: Acquired
- Total Funding till date: $5.69M
- Employee Count: 24 as on May 31, 2026
- Investors: Roynat Capital, Ticonderoga Capital and 10 Others
- Latest Funding Round: Series A, Sep 14, 2020, $*****
- Highlight: Acquired
Innovacorp's Year-on-Year Investment Trends
Innovacorp has invested in 103 companies over the last 20 years, with an average of 3 new investments annually in the last 10 years. Its most recent first time investment was in Hollo Medical and most recent follow-on round was in Greenlight Analytical.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 1 | 0 | 1 |
2021 | 2 | 1 | 3 |
2020 | 11 | 1 | 12 |
2019 | 4 | 0 | 4 |
2018 | 8 | 3 | 11 |
2017 | 2 | 2 | 4 |
Innovacorp's Investments by Stage
Innovacorp has made 52 investments in Seed stage with an average round size of $321K, 7 investments in Grant (prize money) stage with an average round size of $36.4K and 3 investments in Series A stage with an average round size of $3.63M.Stage of entry | No. of Investments |
|---|---|
Seed | 52 |
Grant (prize money) | 7 |
Series A | 3 |
Unattributed | 2 |
PE | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Innovacorp's Investments by Sector
Innovacorp has a diverse portfolio, with companies operating in the Enterprise Applications, Food and Agriculture Tech, High Tech, Consumer and HealthTech. Notably, it has invested in 84 Tech companies, 79 Enterprise (B2B) companies, 50 Software companies and at least 24 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 36 |
Food and Agriculture Tech | 11 |
High Tech | 9 |
Consumer | 8 |
HealthTech | 8 |
Others | 75 |
Note: We have considered here, only first round of investments
Innovacorp's Investments by Geography
Innovacorp has made most investments in Canada (55), followed by United States where it has made 8 investments.Country | No. of Investments |
|---|---|
Canada | 55 |
United States | 8 |
Argentina | 1 |
United Kingdom | 1 |
Note: We have considered here, only first round of investments
Innovacorp's recent investments
Innovacorp has not made any investment in 2026 so far.Here are the most recent investments by Innovacorp:
Date | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Mar 10, 2022 | Canada | Grant (prize money) | 2214 | - | |
Feb 09, 2021 | Canada | Seed | 1353 | [+1] | |
Feb 09, 2021 | Canada | Seed | 6511 | [+1] | |
Feb 09, 2021 | Canada | Unattributed | 5168 | [+1] | |
Oct 14, 2020 | Canada | Seed | 2158 | - |
IPOs and Publicly Listed companies in Innovacorp's Portfolio
2 of Innovacorp's portfolio companies have become public. Tesla got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Jun 2010 at marketcap of $226M and Metamaterial got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ).Here are Innovacorp's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 29, 2010 | - | - | 3435 | |
May 03, 2010 | Apr 27, 2015 | Post IPO | 9695 |
Acquired companies in Innovacorp's Portfolio
14 companies from Innovacorp's portfolio have been acquired. The most recent acquisition was Kivuto in Feb 2023 by Valsoft for $*****.Here are Innovacorp's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Feb 13, 2023 | 2009 | Unattributed | 1833 | |
Dec 14, 2021 | Oct 29, 2012 | Seed | 9396 | |
Nov 23, 2021 | Nov 02, 2017 | Seed | 6405 | |
Mar 26, 2021 | Aug 28, 2006 | Series A | 4121 | |
Mar 26, 2021 | Oct 14, 2020 | Seed | 4430 |
Team profile of Innovacorp
Innovacorp has a team of 7 members including 2 Partners and 4 Principals located in Canada, United States and 1 more location. Innovacorp's team sits on the board of 1 company.Here is a list of all team members in Innovacorp:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Ecuador | - | - | |
Partner | Macedonia | - | - | |
Principal | Canada | - | ||
Principal | Halifax | - | - | |
Principal | Halifax | - | - | |
Principal | Fredericton | - | - |
Co-investors of Innovacorp
Over the past 20 years, 85 investors have co-invested in Innovacorp's portfolio companies. This includes funds and angels.
- Invested before Innovacorp: Techstars, University of Waterloo and 5 others have invested in rounds before Innovacorp. There is 1 company where Techstars has invested before Innovacorp and 1 company where University of Waterloo has invested before Innovacorp.
- Top Co-investors of Innovacorp: 26 investors entered a company along with Innovacorp. These include investors like BDC (5 companies).
- Invested after Innovacorp: A total of 52 investors have invested in Innovacorp's portfolio after their investments. Top Investors include Sustainable Development Technology Canada (6 companies), Techstars (2 companies) and Build Ventures (2 companies).
Recent News related to Innovacorp
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Startup Genome Partners With Innovacorp and Team to Strengthen Atlantic Canada's Entrepreneurial OpportunitiesNewswire•Mar 24, 2022•Startup Genome, Innovacorp, Genesis, Innovation PEI and 3 others
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Talem Health raises $1.8 million in latest funding roundInsurance Business America•Feb 12, 2021•Talem Systems, Build Ventures, The Holt Xchange, Innovacorp
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Saskatoon-based Salonscale Technology Closes $1 Million Seed RoundBetaKit•Aug 09, 2019•SalonScale, Bright Breaks, Innovacorp, Ramen Ventures and 2 others
