Alberta Enterprise Corporation invests $7.5 million into Mistral Venture Partners
AEC expands investment options for Alberta’s enterprise AI startups with $7.5M investment into Mistral Venture Partners – already an investor in nine Alberta startups.
EDMONTON, April 16, 2026 – Alberta Enterprise Corporation (AEC) announced today that it has invested CAD $7.5 million into Mistral Venture Partners’ fifth fund, focused on AI in the enterprise. Across its funds, Mistral has invested in nine Alberta companies to date, including successive investments in Symend. Other investors in this fund include Business Development Bank of Canada, HarbourVest, Fonds de solidarité FTQ, Venture Ontario and Scotiabank.
Mistral’s latest fund is dedicated to AI and its impact on enterprise software, from infrastructure through applications. Mistral has a long history of backing AI companies, including Cohere, BlueJ Legal, Armilla AI, Backboard and Calgary-based Bidaya AI and Youthfully. Mistral will establish a full-time presence in Alberta in 2026 to expand their national reach.
“As repeat investors in our province, Mistral knows the potential of Alberta’s technology businesses. It’s great to be bringing their team’s deep personal experience scaling companies to our startups focused on AI for enterprises,” commented Kristina Williams, CEO, Alberta Enterprise Corporation.
“Alberta is emerging as a North American hub for AI and digital infrastructure,“ said Nate Glubish, Minister of Technology and Innovation. “We need to continue that momentum, and this investment by AEC gives Alberta’s B2B startups expert insight and essential capital to help shape the future role of AI in business.”
Mistral is active in the Alberta technology community and engages founders with a top 1% podcast, The Product Market Fit Show. The firm is led by Code Cubitt, who co-founded the firm in 2012 alongside Bernie Zeisig and Mike Scanlin. The team is rounded out by partners Pablo Srugo and Raif Barbaros, both founders-turned-VCs, and Julien Kathiresan, who heads up finance and operations. Code graduated from the University of Alberta with an engineering degree and founded his first two companies in Alberta.
“For years Alberta has punched above its weight in technology success stories, with multiple companies reaching scale in enterprise software,” said Code Cubitt, Managing Director, Mistral Venture Partners. “It’s great to invest where my career began and see our team play a supportive role – providing capital, perspective and steadfast belief so Alberta founders can focus on doing what they do best – Build.”
About Alberta Enterprise Corporation: alberta-enterprise.ca
Alberta Enterprise Corporation (AEC) promotes the development of Alberta’s venture capital industry by investing in venture capital funds that finance technology companies. AEC focuses on funds that have a strong commitment to Alberta – including a full-time presence in the province. In addition to financial capital, AEC supports 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 December 2025, AEC has committed C$434 million for investment to forty-one venture capital funds, covering a diverse range of forward-looking industries including information technology, energy and industrial technology, and life sciences.
About Mistral Venture Partners: mistral.vc
Mistral Venture Partners is an early-stage venture capital firm investing across verticals and across business models in both Canada and the United States. We help founders navigate the zero-to-one phase — refining product, validating customer demand, and ultimately finding true product-market fit. With offices in Ottawa, Toronto, British Columbia and soon Alberta, we maintain a national presence while staying connected to local ecosystems. Our approach is disciplined, founder-focused, and rooted in practical startup operating experience.
Editorial Contact: +1 587-402-6601, media@alberta-enterprise.ca