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Venture Capital
innovacorp.ca

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Investments

104

Portfolio Exits

8

Funds

1

About Innovacorp

Innovacorp invests in early stage Nova Scotia entrepreneurs, combining venture capital with business mentoring and incubation facilities. The firm provides hands-on business advisory services tailored to meet the needs of companies. A network of advisors, mentors and service providers complements our in-house business expertise.

Innovacorp Headquarter Location

1400 - 1801 Hollis Street

Halifax, Nova Scotia, B3J 3N4,

Canada

902-424-8670

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Expert Collections containing Innovacorp

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Find Innovacorp in 1 Expert Collection, including Pharma Startups.

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Pharma Startups

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Pharmaceutical companies working across drug discovery, drug development and drug manufacturing.

Latest Innovacorp News

MOC Readies Bioprinting Tech

Sep 23, 2021

When Ali Mousavi and Arash Helmi joined the Startup Visa program  sponsored by Nova Scotia venture capital Crown corporation Innovacorp, it was not from their home country of Iran, but thanks to a South Korean startup competition. Mousavi and Helmi are the co-founders of Magic Organ Cloner, or MOC Biotechnologies . In 2019, they were in Korea to compete in the BIXPO innovation conference’s invention fair, where they placed second. Their technology for 3D printing medical implants and other items compatible with human biology -- “bioprinting” -- had already attracted enough attention that Innovacorp exec Ding Fan travelled from elsewhere in Korea to meet them. “It was interesting that Ding was in Korea at the same time, and she gets on the train for three hours, and comes to the competition and sees all the devices there directly,” said Mousavi in an interview. “After she saw our system, she was quite excited. And we got the silver medal.” Mousavi and Helmi are both serial entrepreneurs. In Iran, Helmi ran a home appliance manufacturer that built about 300,000 units a year. Mousavi worked as a scientific advisor to Helmi’s company before striking out on his own with a 3D printing startup. He also holds a PhD in mechatronics, robotics and automation engineering, and was an assistant professor at Islamic Azad University. The duo started work on MOC in 2017 after Mousavi noticed a growing and largely untapped market for bioprinting. The process, for example, can be used to create materials suitable for testing cosmetics products -- a process now carried out on live animals in a shrinking number of jurisdictions as many governments move to ban the practice. With a winning streak at startup competitions in Toronto, Dubai and most recently, Istanbul, Helmi and Mousavi decided to move their new company out of Iran because they had concluded that the Middle Eastern market for medtech products was too small to support their growth plans. They chose Halifax for their new home, Mousavi said, because his visits to other regional startup hubs have convinced him that Nova Scotia is likely to emerge as a major, international player in biotech and medtech -- thanks in large part to the province’s unusually high density of research universities and ready supply of highly qualified recent graduates. After arriving in Halifax in the spring, Mousavi and Helmi are working on securing a new, wide-ranging set of patents for their technology. A previous set became outdated after they made several tweaks to their bioprinter design. They have also been accepted into Dalhousie -based startup accelerator CDL Atlantic , which Mousavi said the team’s mentors have been encouraging them to use as an opportunity to ensure their technology is fully developed and patented before they commercialize it. “Lidija Marusic is a genius,” said Mousavi. “She has a PhD in bioscience, and she’s our advisor at Innovacorp. And she told us, ‘Don’t be in a rush to be in the market.’ Right now we are working on the market segmentation and Arash [Helmi] is working on collaboration [with potential users of the technology].” Their plan, now, is to enter the market when they finish CDL in the spring. In the meantime, Helmi said he is in talks with several internationally recognized American hospitals. The first market Mousavi and Helmi target will be for medical implants that decompose within the body -- such as bone screws -- thus eliminating the need for follow-up surgeries to remove them. When they take the implant technology to market, they plan to offer customers two choices: buying the bioprinted medical devices directly, and for organizations that need larger volumes of product, buying a bioprinter and software. Eventually, as bioprinting technology becomes more advanced, Mousavi said he expects MOC will be capable of 3D printing human organs. “But that’s far in the future,” he warned. “It’s important to start now because this will take time.” So far, Mousavi and Helmi have not raised capital. Instead, they have self-funded their work with winnings from their previous companies. “I think that when we finish CDL... That's the time that we can pitch it for angels or venture capitalists," he said. “Our style should be a Canadian style for the pitching, for presenting to investors. Each country has its own culture of their ecosystem and their investments.”

Innovacorp Investments

104 Investments

Innovacorp has made 104 investments. Their latest investment was in Proposify as part of their Growth Equity - II on September 9, 2021.

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Innovacorp Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/15/2021

Growth Equity - II

Proposify

$10.28M

No

Canadian Business Growth Fund

1

6/29/2021

Series A

Oneka Technologies

$4.4M

Yes

Baruch Future Ventures, MANN+HUMMEL Corporate Ventures, and Renewable Energy Development Enterprise

1

4/12/2021

Seed VC - II

QRA Corp

$3M

No

BDC Capital, and NewFund Capital

2

3/30/2021

Seed VC

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$99M

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10

2/12/2021

Seed VC

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$99M

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10

Date

9/15/2021

6/29/2021

4/12/2021

3/30/2021

2/12/2021

Round

Growth Equity - II

Series A

Seed VC - II

Seed VC

Seed VC

Company

Proposify

Oneka Technologies

QRA Corp

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Amount

$10.28M

$4.4M

$3M

$99M

$99M

New?

No

Yes

No

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Co-Investors

Canadian Business Growth Fund

Baruch Future Ventures, MANN+HUMMEL Corporate Ventures, and Renewable Energy Development Enterprise

BDC Capital, and NewFund Capital

Sources

1

1

2

10

10

Innovacorp Portfolio Exits

8 Portfolio Exits

Innovacorp has 8 portfolio exits. Their latest portfolio exit was Meta Materials on September 28, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/28/2020

Reverse Merger

$991

Torchlight Energy

1

00/00/0000

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10

00/00/0000

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10

00/00/0000

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10

00/00/0000

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10

Date

9/28/2020

00/00/0000

00/00/0000

00/00/0000

00/00/0000

Exit

Reverse Merger

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Companies

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Valuation

$991

Acquirer

Torchlight Energy

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Sources

1

10

10

10

10

Innovacorp Fund History

1 Fund History

Innovacorp has 1 fund, including Innovacorp Nova Scotia Fund I.

Closing Date

Fund

Fund Type

Status

Amount

Sources

Innovacorp Nova Scotia Fund I

$40M

1

Closing Date

Fund

Innovacorp Nova Scotia Fund I

Fund Type

Status

Amount

$40M

Sources

1

Innovacorp Team

3 Team Members

Innovacorp has 3 team members, including current Chief Executive Officer, Stephan Duff.

Name

Work History

Title

Status

Stephan Duff

Chief Executive Officer

Current

Dan MacDonald

Chief Executive Officer, President

Current

Andrew Ray

Bazari, and MDA

Managing Director

Current

Name

Stephan Duff

Dan MacDonald

Andrew Ray

Work History

Bazari, and MDA

Title

Chief Executive Officer

Chief Executive Officer, President

Managing Director

Status

Current

Current

Current

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