Alberta Enterprise Corporation reaches $1B of venture capital investment into Alberta technology companies

On Jul 5, 2022

Investment in 65 Alberta technology startups has created 2,400 direct jobs in Alberta

EDMONTON, AB, July 5, 2022 /CNW/ – Alberta Enterprise today announced it reached a $1 billion venture capital investment milestone in Alberta technology companies with its venture capital fund partners in 2021. Alberta Enterprise’s venture funds have invested in 65 Alberta technology startups which has created more than 2,400 direct jobs and an estimated 11,500 indirect jobs in the province. The impact of Alberta Enterprise’s investments in Alberta’s technology sector is highlighted in its newly released annual report.

“Reaching the $1 billion investment mark is a major milestone for Alberta’s rapidly growing technology sector, and for the dedicated Alberta entrepreneurs who are creating globally competitive companies,” commented Kristina Williams, CEO, Alberta Enterprise Corporation. “We will continue to contribute to the resilient growth of Alberta’s technology sector with an immediate focus on building our early-stage investment partnerships in the years ahead.”

Alberta surpassed venture capital investment records set in 2019 and 2020, with $561 million invested into 87 companies in 2021. The momentum continued in Q1 2022. Several large deals closed for Alberta Enterprise’s portfolio companies over the last 12 months including SAM Desk, StellarAlgo, Userful, Virtual Gurus and DrugBank, with Neo Financial ranking the largest average deal size on record with its $191 million raise at unicorn valuation.

“Alberta Enterprise plays a critical role in attracting strategic capital to help Alberta’s most promising technology companies to scale and compete internationally,” adds Mike Wilson, DrugBank CEO. “We’ve raised more than $9 million in seed funding for our Edmonton-based future of medicine company which uses AI-powered technologies to enable better decision making by medical researchers, healthcare providers and regulators. Today, we serve more than 12 million users in 24 countries.”

“One billion dollars invested in Alberta tech companies is a huge milestone,” said Doug Schweitzer, Minister of Jobs, Economy and Innovation. “The significant and rapid growth of Alberta’s technology and innovation sector has been helped along by the investments made by Alberta Enterprise and its partners. The future of our province’s tech sector is bright and I look forward to seeing even more companies scale up and get off the ground.”

Alberta Enterprise invests in Alberta-managed venture capital funds to amplify investment into Alberta-based technology companies through private capital. Every $1 invested by Alberta Enterprise has resulted in more than $5.40 of investments back into Alberta companies. Looking forward, a key focus for Alberta Enterprise is to increase access to capital for early-stage companies and grow the number of local fund managers in Alberta. To support that goal, Alberta Enterprise is launching a new strategy to invest in Alberta-based micro-funds in 2022.

Download the 2021-22 Alberta Enterprise annual report.

About Alberta Enterprise Corporation: www.alberta-enterprise.ca

Alberta Enterprise Corporation promotes the development of Alberta’s venture capital industry by investing in venture capital funds that finance technology companies. We focus on funds that have a strong commitment to Alberta – including a full-time presence in the province. In addition to capital, we support Alberta’s venture capital ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share our passion for building a bright, innovative Alberta. As of March 2022, we had committed C$269 million for investment to 25 venture capital funds including Accelerate Funds I, II and III, covering a diverse range of forward-looking industries including information technology, industrial technology and life sciences.

SOURCE Alberta Enterprise Corporation