On behalf of the Government of Alberta, Alberta Enterprise has made investments in Venture Capital (VC) funds which invest in Alberta tech ventures. These investments have yielded new products, high tech jobs and have generated interest in Alberta entrepreneurs by VC funds. The investment value is growing incrementally over time. The Alberta Enterprise Fund is an investment, not an expense.
After its initial setup, Alberta Enterprise made its first investments in early 2010. To date, over $105 million has been committed for investment to nine VC funds and the Accelerate Fund. The Accelerate Fund was created by Alberta Enterprise specifically as an angel co-investment fund focused on Alberta tech companies.
By investing strategically, Alberta Enerprise has leveraged the $105 million into more than $940 million and forged connections with hundreds of other limited partners, portfolio companies and VC firms. Our funds invest in a diverse range of forward-looking industries, including clean and energy technology, information and communications technologies, life sciences, as well as value added agriculture and food.
As of March 2016, our VC funds and their partners have invested over $305 million in 28 Alberta tech ventures, and more than 1,200 direct jobs have been created in the province. Alberta Enterprise’s investments in funds have generated almost four times the capital back into Alberta companies.
AEC’s funds have had eight profitable exits to date—which is well ahead of expectations for this early in the life of the funds.
Alberta Enterprise investments resulted in five new and four expanded VC fund offices in Alberta—greatly increasing the number of VC professionals actively pursuing opportunities in the province.
Through strategic support and innovative private-sector partnerships, Alberta Enterprise is sparking a renaissance in Alberta’s tech ecosystem, with strong ties to expats in the Silicon Valley, cross sector tech conferences, the emergence of local tech communities in Edmonton and Calgary, the re-launch of the Venture Capital Association of Alberta and more.
Alberta Enterprise is a highly relevant, effective and efficient agency—as documented in the Results Based Budget review. We’re guided by a top-quality professional board and managed by an expert team with experience and credibility in VC and technology entrepreneurship.
In an evolutionary process that requires patience and the long view, Alberta Enterprise has produced strong short-term results that are transforming technology and Venture Capital in Alberta. With an extended mandate, Alberta Enterprise can continue to build upon the success that we’ve already achieved.
Without leadership from Alberta Enterprise in the VC ecosystem in Alberta, fewer VC funds would invest in the province’s promising high-tech companies, and growth would slow.