Montréal-headquartered venture capital (VC) firm Inovia Capital is opening a new global office in Abu Dhabi, the capital of the United Arab Emirates (UAE).
Claire Glossop,
“It is an opportune moment to accelerate strengthened ties between the Canadian and Middle East tech ecosystems.”
Inovia Capital
The new office will be located in the Abu Dhabi Global Market, the city’s international financial centre and free economic 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 relocating to the new site to lead the firm’s efforts across the Middle East.
Glossop Irani will oversee Inovia’s global investor relations, the firm said in a statement. She will also foster new commercial and financial partnerships for portfolio companies in the region, particularly in the UAE and Saudi Arabia.
“It is an opportune moment to accelerate strengthened ties between the Canadian and Middle East tech ecosystems,” Glossop Irani said in a statement. “Being based in Abu Dhabi will allow us to better support our portfolio by deepening our relationships with entities committed to building the next generation of global technology companies.”
The new office comes as Canada bolsters its ties with the Persian Gulf country. Prime Minister Mark Carney is in the UAE this week to sign a foreign investment, promotion and protection agreement, according to the CBC. This is meant to provide frameworks for investment and dispute resolution between the two countries.
The agreement follows a Canadian delegation passing through the UAE last month, co-led by Inovia to “build practical partnerships to deepen Canada-UAE ties through technology, investment, and research collaboration,” partner Chris Arsenault wrote in a LinkedIn post. The delegation included tech companies Cohere, Photonic, and AppDirect, as well as AI 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 AI and digital infrastructure investment opportunities between the two countries. Inovia said the new office strengthens the partnerships made through its delegation visit, and supports the “ambitions” of Solomon’s MOU.
The UAE was also recognized as the “Country of Honour” at the AI-focused ALL IN conference in Montréal this past September.
While Canada has identified the UAE as an ideal business partner, human rights advocates have highlighted the country’s controversial human rights track record. According to Human Rights Watch, the UAE places restrictions on the rights to free expression, association, and assembly, while employers hold disproportionate control over migrant workers in the country, risking detention when they escape abuse. Sudan has also accused the UAE of complicity in genocide in the International Court of Justice, an accusation the UAE denies.
BetaKit has reached out to Inovia for comment on how those considerations factored into its decision to open an Abu Dhabi office.
Inovia secured the initial $300 million USD for its third growth equity fund in June 2024. The firm typically backs business-to-business and business-to-consumer software-as-a-service and marketplace tech startups with an eye on themes like the future of work, hospitality, commerce enablement, security, and digital health. Inovia claims it manages over $2.5 billion USD with other offices in Toronto, Waterloo, Calgary, the Bay Area, and London.
Image courtesy Inovia Capital.