The Montreal-based venture capital firm is seeking to forge commercial and financial partnerships for its portfolio companies in the region.
Montreal-headquartered venture capital firm Inovia Capital is opening a new global office in Abu Dhabi, the capital of the United Arab Emirates (UAE).
“This is the right time to accelerate the strengthening of connections between the technology ecosystems of Canada and the Middle East.”
Glossop game,
Inovia Capital
The new office will be located in the Abu Dhabi Global Market, the city's international financial hub and free zone, and what Inovia calls “one of the world's most dynamic hubs for innovation and artificial intelligence.” Inovia's head of strategic partnerships Claire Glossop Irani is moving to a new location to lead the firm's efforts in the Middle East.
Glossop Irani will oversee Inovia's global investor relations, the company said in a statement. She will also facilitate the development of new commercial and financial partnerships for portfolio companies in the region, particularly in the UAE and Saudi Arabia.
“This is an opportune moment to accelerate the strengthening of connections between the technology ecosystems of Canada and the Middle East,” Glossop Irani said in a statement. “Being based in Abu Dhabi will allow us to better support our portfolio by deepening our relationships with organizations looking to build the next generation of global technology companies.”
The new office comes as Canada's ties with the Gulf country strengthen. Prime Minister Mark Carney is in the UAE this week to sign a foreign investment, promotion and protection agreement. CBC. This is intended to provide a framework for investment and dispute resolution between the two countries.
The agreement follows a Canadian delegation touring the UAE last month, led by Inovia, with the goal of “building a practical partnership to deepen ties between Canada and the UAE through technology, investment and research collaboration,” partner Chris Arsenault wrote in a report. Post on LinkedIn. The delegation included technology companies Cohere, Photonic and AppDirect, as well as artificial intelligence research institutes Amii and Mila.
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Around the same time, AI Minister Evan Solomon was in the country to sign a non-binding memorandum of understanding (MOU) to explore investment opportunities in artificial intelligence and digital infrastructure between the two countries. Inovia said the new office strengthens the partnerships reached during its delegation's visit and supports the “ambitions” of the Solomon Memorandum.
The UAE was also recognized as the “Country of Honour” at the exhibition dedicated to artificial intelligence. ALL INCLUSIVE conference in Montreal this September.
While Canada has identified the UAE as an ideal business partner, human rights activists have highlighted the country's controversial human rights record. According to Human Rights WatchThe UAE places restrictions on the rights to freedom of expression, association and assembly, while employers have disproportionate control over migrant workers in the country, risking detention if they escape abuse. Sudan also accused the UAE of complicity in genocide at the International Court of Justice, UAE charges denies.
BetaKit has reached out to Inovia for comment on how these considerations influenced its decision to open an office in Abu Dhabi.
Other secured an initial $300 million for its third growth equity fund in June 2024. The firm typically supports business-to-business and business-to-consumer software-as-a-service and technology startups in the marketplace, with a focus on topics such as the future of work, hospitality, commerce capabilities, security, and digital health. Inovia says it manages more than $2.5 billion through other offices in Toronto, Waterloo, Calgary, the Bay Area and London.
Image provided Inovia Capital.
