Venture capital firm iNovia to open Kitchener office

Montreal-based venture capital firm iNovia Capital says it will be opening up a new office indowntown Kitchener.

Chris Arsenault, one of the firm's managing partners, told CBC News the move made sense given the amount of business relationships iNovia has made with startups in the area.

"We came to Waterloo a while back doing our first investment in well.ca and since then basically did over half a dozen investments," said Arsenault. "We think that the timing is right to actually invest more time, more resources in the next generation of entrepreneurs building great startups here."

"The corridor between Montreal, Waterloo and down to San Francisco is becoming more and more important in terms of building relationships, helping build bigger tech companies," added Arsenault.

Some local companies iNovia Capital have invested in include BufferBox, which was later acquired by Google,and Vidyard.

iNoviaplans to set up an office at 119 King St. W. in Kitchener.