CVCA 2020 Year in Review shows VC investment in Alberta rose 100% last year
EDMONTON, March 24, 2021 – Alberta Enterprise today highlighted findings of the 2020 Year in Review released by the Canadian Venture Capital and Private Equity Association (CVCA) which showcased another year of record growth in Alberta’s technology sector despite current economic volatility. In 2020, Alberta reported $455M in venture capital investment, spread across 51 deals – a 100 per cent increase over investment in 2019.
“We’re building a spectacular record of resilient investment growth in Alberta with deal volume increasing and deal size up by more than 50 per cent in 2020 as our technology sector matures,” commented Kristina Williams, CEO Alberta Enterprise Corporation. “It’s rewarding to see that Alberta Enterprise is playing a pivotal role in creating access to venture capital with more than half of the invested dollars in Alberta involving funds in which we’ve invested.”
Alberta was one of few provinces to outperform all past years of venture capital investment in 2020, and across all metrics: total dealflow dollar volume, number of deals and average deal size.
CVCA: 2020 Venture Capital Highlights – Alberta:
Deal Volume and Size
- Alberta: CAD $455M across 51 deals in 2020 (up 100% from CAD $227M, up 31% from 39 deals in 2019)
- Alberta: Average deal size $8.9M (up 53% over 2019 deal size average of $5.8M)
Top Disclosed Alberta VC Deals or Megadeals:
- Calgary-based fintech Neo Financial raised a CAD $50M Series A round, with participation from Golden Ventures and Inovia Capital
- Calgary-based digital engagement platform Symend raised a CAD $73M Series B round led by Inovia Capital and with participation from Mistral Venture Partners and Ignition Partners
- Edmonton-based enterprise software company Jobber raised a CAD $76M Series C round from Version One Ventures, OMERS Ventures & Tech Pioneers Fund
While the CVCA reported that total venture capital deal volume in Canada contracted by 29 per cent in 2020, VC investment into Alberta companies surpassed historic records. Alberta’s ability to attract investment highlights the increasing maturity of its tech sector, as well as the sophistication of innovative startups that are launching and growing globally competitive companies from the province.
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. Since our inception we have committed C$219 million for investment to twenty VC funds including Accelerate Funds I, II and III, covering a diverse range of forward-looking industries including information technology, industrial technology and life sciences.
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