In this episode of the EUVC podcast, Andreas sits down with
Michael McGraw, Principal at
Inovia Capital, a €415M growth equity fund headquartered in Canada but making waves in Europe.
Inovia has €2.3B in assets under management and a track record of backing companies like
Cohere,
Lightspeed,
Neo4j, and
Wealthsimple. Mike brings a unique perspective shaped by his journey from LP at CDPQ—one of the world’s largest pension funds—to leading growth-stage investments at Inovia. Together, we’ll dive deep into the evolving role of European LPs, exploring why embracing a higher risk appetite could yield outsized returns and drive systemic innovation.
We’ll also discuss Inovia’s strategy for scaling Series B to pre-IPO companies across North America and Europe, shedding light on key challenges and opportunities in the software space. Whether you’re an LP curious about market dynamics or a founder navigating growth-stage fundraising, this episode is packed with insights you won’t want to miss.
Go to eu.vc to read the core take-aways.
Chapters:
- 01:00 Meet Michael McGraw from Inovia
- 01:59 Inovia's Strategy and Focus
- 02:23 Inovia's European Expansion
- 03:22 Success Stories and Notable Investments
- 04:05 The Role of CDPQ and Mike's Experience
- 04:55 Canadian vs. European VC Ecosystems
- 07:22 CDPQ's Investment Strategy
- 11:42 Challenges for European LPs
- 16:49 Fundraising in Europe: Insights and Observations
- 27:27 Firepower and Fund Allocation
- 28:05 Late Stage Market in Europe
- 28:28 Investment Strategies and Risk Appetite
- 29:49 Challenges in European Venture Growth Capital
- 31:45 Government's Role in Venture Capital
- 32:27 Canadian Venture Capital Action Plan
- 34:09 Fund of Funds in Europe
- 37:45 Mike McGrath's Background
- 41:41 Lessons Learned in Venture Capital
- 48:06 Fundraising Tips for VCs
