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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
Portfolio Count
Portfolio Locations
Rounds of Entry
Seed, Grant (prize money) & 4 more
Portfolio IPOs
Portfolio Acquisitions

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:
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

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

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

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

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

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.
Here are Innovacorp's investments by stage:
Stage of entry
No. of Investments
Seed
52
Grant (prize money)
7
Series A
3
Unattributed
2
PE
1
Others
1
Breakdown of Innovacorp's investments by stage of entrySeed (52)Grant (prize money) (7)
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.
Here are Innovacorp's investments by sector:
Sector
No. of Investments
Enterprise Applications
36
Food and Agriculture Tech
11
High Tech
9
Consumer
8
HealthTech
8
Others
75
Breakdown of Innovacorp's investments by sectorsEnterprise Applic... (36)Food and Agricult... (11)
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.
Here are Innovacorp's investments by geography:
Country
No. of Investments
Canada
55
United States
8
Argentina
1
United Kingdom
1
Breakdown of Innovacorp's investments by countriesCanada (55)United States (8)
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
Feb 09, 2021
Canada
Seed
6511
Feb 09, 2021
Canada
Unattributed
5168
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 InnovacorpTechstars, 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 Innovacorp26 investors entered a company along with Innovacorp. These include investors like BDC (5 companies).
  • Invested after InnovacorpA 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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