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Deal Flow Studies

Alberta Enterprise Corporation periodically produces an Alberta Deal Flow Study. The objective is to provide stakeholders with a shared understanding on the strength and make-up of technology deal flow across sectors and regions in Alberta.

Deal Flow is the stream of business proposals, pitches and investment offers that venture capital, angel and private equity investors identify and engage with on a daily basis. Strong deal flow is an indicator of a thriving ecosystem, strong economy and healthy capital markets.

2021 Alberta Technology Deal Flow Study

Alberta Enterprise Corporation’s 2021 Deal Flow Study uncovered some interesting facts about the makeup, evolution and distribution of technology in the province. While Alberta’s tech sector is still considered in its early stages of development, the data shows it is maturing significantly.

Alberta tech operates across diverse industries

AB tech companies are scaling in growth and financing

2021 Deal Flow Study Highlights

The Deal Flow Study provides a leading yardstick for measuring the health, growth and composition of the Alberta technology and innovation sector. The study was made possible due to the collective support from Alberta’s tech firms and numerous organizations that make up the Alberta ecosystem.

Findings depict a maturing ecosystem, with 43% of Alberta’s technology startups having raised at least US $1 million to date. Furthermore, tech companies are increasingly becoming established with 40% of survey respondents having achieved profitability, and 38% of companies reporting revenue greater than $1 million in the last fiscal year. Fundraising is another key indicator of growth for technology companies, and almost a quarter of Alberta tech companies have raised Series A or later stage financing.

Female participation in Alberta’s technology companies remained strong with the proportion of female tech founders at nearly 30%, a trend consistent with the 2018 study. Alberta’s female participation at the founder and co-founder level leads globally when compared to Crunchbase’s 2020 report which found that 20% of global startups were female founded 1.

Among other key findings:

  • 67% of companies are developing software, and 36% of startups are integrating digital technologies like Artificial Intelligence (AI) and Machine Learning (ML) into their offering.
  • 85% of companies have sourced funding from Calgary and or Edmonton.
    • 34% raised from Canadian provinces outside of Alberta.
    • 30% have successfully raised from USA.
  • Alberta’s technology sector is predominately located in Calgary (1,627 companies) and Edmonton (891 companies), accounting for 90% of the province’s technology companies.
  • 49% of companies employ 10 or more people, compared to 38% in 2018.
  • 72% of companies identify B2B as their primary business model.
  • 68% of companies are producing products or services that impact Business Productivity, and 66% that impact Cost Savings.
  • The average founders’ age is 43, with 58% of founders between the ages of 31 and 50.
  • 87% of founders have technical backgrounds, and more than two-thirds of founders have previous experience establishing a start-up.

1 Crunchbase EoY 2019: Funding to Female Founders, Crunchbase, https://about.crunchbase.com/wp-content/uploads/2020/03/Funding-To-Female-Founders_Report.pdf, January 21, 2020.

Full 2021 Deal Flow Study

2018 Deal Flow Study

2016 Deal Flow Study

2012 Alberta Deal Flow Study


The Venture Capital Model –
Venture Capital and the Alberta Economy

Our publications tell stories of impact and provide accountability for our investments and activities in support of investing in Alberta tech ventures. The creation of a strong VC community in Alberta is imperative to economic diversification and long-term job creation. As a province there is a need to continue to seek and retain high value, knowledge-based, innovation-driven industries and jobs. Since 2008, Alberta Enterprise Corporation has been working to build a local Venture Capital industry, which will provide the capital and other resources needed to support the growth and success of knowledge based companies in Alberta.

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