Canadian fund-of-funds manager Alberta Enterprise Corp (AEC) has obtained $50 million from the provincial government. The commitment, which will be deployed in two tranches over the next two years, will be used to support venture capital investment in Alberta-based startup and early-stage technology companies. Founded in 2008, AEC previously committed $100 million to eight venture funds and the Accelerate Fund LP. By partnering with other investor groups, it estimates that every $1 committed by AEC leverages about $4 of investments into Alberta companies. AEC is led by President and CEO Kristina Williams.
Alberta Enterprise Corporation Receives $50 Million in New Investment Funding
The Government of Alberta announced a new round of investment to the organization to further support the development of the provincial VC and technology sector
EDMONTON, Oct. 30, 2015 /CNW/ – Today the Government of Alberta announced that $50 million has been appointed to Alberta Enterprise Corporation. The investment will be allocated to Alberta Enterprise Corporation (AEC) over the next two years – $25 million each year – and will be used to continue to attract and drive venture capital (VC) investment in start-up and early-stage technology companies in the province of Alberta. This new round of investment will help the province to continue building a sustainable technology industry.
Venture capital is an important source industry for innovation, economic development, and job creation. To date, the organization’s investments have resulted in the creation of more than 1000 direct, high-skilled jobs in Alberta. Furthermore, every $1 invested by AEC has resulted in more than $4 of investments back into Alberta companies.
“Building a self-sustainable VC industry in Alberta will take time. To date, we have produced strong short-term results that are transforming the technology and VC sector in the province,” said Kristina Williams, Alberta Enterprise Corporation President and CEO. “By investing in VC funds we are generating economic development in Alberta, while also creating long term investment returns on the province’s initial, and now second investment. The $50 million, in combination with the ability to use investment returns from the original government funding, will allow us to continue creating access to capital for Alberta based technology companies.”
“The Government of Alberta is committed to encouraging and supporting economic diversification in our province. This funding announcement allows AEC to continue to provide leadership and support to Alberta-based companies and build on its mandate of cultivating homegrown innovation in the province,” said Deron Bilous, Minister of Economic Development and Trade.
AEC has forged connections with hundreds of other limited partners, portfolio companies, and VC firms. They have made investments in numerous innovation industries including communications technologies, clean and energy tech, and agriculture and food.
“This investment announcement is very positive for Alberta Enterprise Corporation. It will further support the technology sector helping it to continue to grow incrementally over time,” commented Paul Haggis, Chairman of the Board of Directors.
The new funds allow AEC to continue building on the strong short term results they have already produced continuing the evolutionary process that requires patience and the long view. The organization will continue to transform technology and venture capital in Alberta over the coming several years.
About Alberta Enterprise: www.alberta-enterprise.ca
Alberta Enterprise Corporation promotes the development of Alberta’s venture capital industry by investing in venture capital funds that finance early stage 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.
Since inception we have committed $100 million for investment to eight VC funds and the Accelerate Fund, covering a diverse range of forward-looking industries including clean and energy technologies, information and communications technologies, life sciences, and agriculture and food.
For further information please contact: +1 780 392 3901, firstname.lastname@example.org
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