The VCAA welcomes Carolynn Winterhalt as Strategic Projects & Experiences Lead

The Venture Capital Association of Alberta (VCAA) is excited to announce the appointment of Carolynn Winterhalt as Strategic Projects & Experiences Lead, effective May 1st, 2023.

Carolynn joins the VCAA with a dynamic background and nearly eighteen years of experience supporting high-impact projects and leaders across a variety of sectors. She is passionate about fostering great teams, gathering with purpose and cheering others on from the sidelines. Her previous experience as Executive Director of the A100 make her no stranger to the innovation and venture community in Alberta, to whom her proven work ethic and a contagious energy are already known.

In addition to her role with the VCAA, Carolynn is a Certified Executive Coach who loves working with ambitious founders to strategically manage energy and directly impact results. She also holds a MSc in Global Health Policy where she focused her research on Public Private Partnerships. Lately she has spent the majority of her time at home in the mountains chasing after her two young kiddos.

“I am very excited to take on this new role with the VCAA to help solidify efforts that give voice to the Venture Capital and financing industry in Alberta. I am eager to bring my experience and passion to support meaningful connections that promote deal flow and knowledge-sharing amongst Alberta’s Venture Capital and Private Equity community.”

About the VCAA

The VCAA is the primary industry association for venture capital, private equity, and angel investors in Alberta. The VCAA creates opportunities for collisions that spur innovation, connections, professional development, and greater deal flow among venture capital industry players and related industries.

The VCAA appoints Omi Velasco as Executive Director to lead the next phase of growth

The Venture Capital Association of Alberta (VCAA) is excited to announce the appointment of Omi Velasco as the new Executive Director, effective August 1st, 2022. 

Big thanks to Michael Hebert, our outgoing Executive Director who led the organization during the year 21/22.

Omi has been involved in venture and technology throughout her career, helping startups, SMBs and enterprises digitize and grow. In 2019, Omi co-founded Aventrock Ventures, a Calgary-based family office where she has invested in over 30 early-stage technology companies and funds, the majority of which are located in Western Canada. Previous experiences include leading a SaaS restaurant POS as their COO (acquired in Q2 2022), as well as working in the technology strategy consulting practice at Deloitte, where she supported and led large scale enterprise ERP implementations. Omi holds a Bachelor of Commerce degree with a major in Supply Chain Management from the University of Calgary.

“I’ve called Alberta my home since 2008 when I came here as a refugee with my family from a small town in Colombia. I have been very fortunate with the opportunities this province has provided me and has shaped the person and professional I am today. The VC and PE sectors are growing in Alberta and this is a tremendous opportunity to help Alberta-based companies. With the VCAA I am joining an organization with a strong and experienced Board, and I am confident we will enhance the profile of the private capital community in Alberta” – Omi Velasco 

“We are thrilled to introduce Omi Velasco as the new Executive Director of the VCAA . Her experience, passion and excitement will be an asset to the VCAA as we build on our strong foundations of connecting and enabling venture capital, private equity and angel investor activity in the province.”

– Andrea Drager, Board Chair of the VCAA.

About the VCAA

The VCAA is the primary industry association for venture capital, private equity, and angel investors in Alberta. The VCAA creates opportunities for collisions that spur innovation, connections, professional development, and greater deal flow among venture capital industry players and related industries.

World-class tech database launches in Alberta, first of its kind in North America

The new Start Alberta Deal Flow Platform joins more than 40 other tech startup ecosystem solutions, including the UK, France, Berlin and Amsterdam.

CALGARY, June 15, 2021 – Three leading organizations in Alberta’s technology industry today announced that the province will be the first location in North America to join a vast network of startup ecosystems with the new Start Alberta database, powered by Dealroom.

Initiated by the A100, Alberta Enterprise Corporation (AEC) and the Venture Capital Association of Alberta (VCAA) and in collaboration with a wide group of community partners, the new open-access database provides real-time data for founders, investors, corporates and government stakeholders cataloguing the collective regional tech ecosystem from funding, workspaces and job listings, to accelerators, spinouts and exits. 

“The importance of tech startups to the Alberta economy has never been more acute,” says Tamara Woolgar, Executive Director, the A100. “Start Alberta data will provide an understanding of the sector at a macro level, empowering stakeholders with the knowledge needed to make fact-based decisions towards achieving sustainable growth and job creation.”

As the most comprehensive database on startups and funding in the province, Start Alberta provides insights on the health of the regional innovation economy while showcasing the Alberta startup ecosystem to the world. 

 “AEC has driven forward this initiative because we see it as foundational in helping Alberta companies connect with both investors and ecosystem support while gaining critical visibility to a global investor network,” says Christiana Manzocco, Director of Industry Development, AEC, and Interim Lead, Start Alberta. 

Start Alberta has partnered with Amsterdam-based Dealroom.co, the foremost digital SaaS data provider on startup, early-stage and growth company ecosystems around the globe. Dealroom serves some of the world’s most prominent venture capital funds and corporations including Sequoia Capital, Accel, Google and Microsoft, and currently manages more than 40 white label solutions for global ecosystems, providing research, data curation and AI analytics support. 

 "As our first dedicated startup database in North America, we're excited to be partnering with Start Alberta to bring real-time data and insights, and the highest level of transparency yet to the Alberta startup and venture capital ecosystem,” says Yoram Wijngaarde, CEO & Founder of Dealroom.co. “With more than 2,100 startups on the Start Alberta platform employing more than 18,000 people, startups are an important economic and job growth engine in the region, and continue to attract record levels of investment."

Start Alberta data partnerships with Dealroom, Crunchbase, and Pitchbook amplify awareness of Alberta’s tech scene to collectively reach more than 60 million people, including some of the most influential global corporations and investors in the world.

 “The launch of this platform in Alberta is a first in North America and shows how our thriving tech sector is positioned to be a leading player globally,” says Doug Schweitzer, Minister of Jobs, Economy and Innovation. “Alberta’s tech sector is setting new records and this platform will help showcase our companies to even more global corporations and investors. I look forward to seeing how this platform will benefit our growing tech sector.”

Major players in Alberta’s tech industry are putting their support behind the Start Alberta database, including the SAIT School for Advanced Digital Technology (SADT) and ATB Financial. A core group of ecosystem organizations across the province are also backing the Start Alberta initiative, including Calgary Economic Development (CED), Platform Calgary, Innovate Edmonton, Edmonton Global, Health City, and the Edmonton Screen Industries Office (ESIO).

“This database is a critical tool to help our VCAA members and prospective investors discover investment opportunities in the province,” says Andrea Drager, VCAA Chair and Partner, Azure Capital Partners. “We are thrilled that this world-class platform is launching in Alberta.”

Alberta Posts a Record Year for Venture Capital Investment

Alberta posts a record year for venture capital investment, where 2020 saw C$455 million invested across 51 deals  

CALGARY, March 24, 2021 – The Venture Capital Association of Alberta (VCAA) and the Canadian Venture Capital and Private Equity Association (CVCA) are pleased to announce that Alberta posted a record year in 2020 for venture capital investment.  During 2020, 51 deals were completed, representing a total of $455 million in investment.  

The results in 2020 represent a 100% increase over 2019, with 2019 being the previous best year on record.  2019 had eclipsed other previous years by a margin of 40%.  During 2020, Alberta received over 10% of the $4.4B of total capital invested in Canada, which brings Alberta up to its near proportionate share of national financings, as measured against population.  Historically, Alberta has received substantially less than its proportionate share, yet we see encouraging signs of ecosystem maturation and associated deal volume increase. 

Large late-stage financings of Jobber and Symend helped Alberta secure two positions into Canada’s top ten list of deals. Jobber raised $76 million in venture capital, while Symend raised a $73 million Series B which was later followed by a Series B extension in 2021.   In terms of top Canadian cities to raise venture capital, Calgary secured the fourth position and Edmonton secured the sixth. In 2020, Alberta startups who raised equity financing employed 2,542 Alberta employees, with this funding supporting continued Alberta startup growth.   Alberta has the highest three-year average growth rate of total VC deal volume at 131% of the leading provinces of BC, Ontario and Quebec, even when mega-deals are included.   

“The Alberta venture capital industry is realizing phenomenal growth, thanks in large part to the work that has been done by committed stakeholders over the last decade,” commented Andrea Drager, Chair of the Venture Capital Association of Alberta. “Technology companies are increasingly able to access talent and capital to enable them to grow in the Province, and we continue to work on ensuring continued access to capital so that they build and stay here long term.” 

"Albertans are entrepreneurial at heart and are not afraid of risk," said Kim Furlong, Chief Executive Officer, Canadian Venture Capital and Private Equity Association. "The VC investment performance showcased in Alberta last year, during the height of the COVID-19 pandemic, proves that you come out the other side of a challenge stronger and more resilient. I am confident that under the right conditions, Alberta’s innovation ecosystem will continue to grow and create jobs and value for Albertans and Canada. This is how you transform your economy and these 2020 results are just the beginning.” 

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About the Venture Capital Association of Alberta: vcaa.ca

The Venture Capital Association of Alberta is Alberta’s primary industry association for venture capital, private equity, angel investors and others interested in furthering the industry in Alberta.  The VCAA generates opportunities, events, and programs on behalf of our members, while encouraging dialogue among our members, and between the VC community and related industries and economic sectors through networking events and professional development. The VCAA also acts as an advocate for the industry and will work with various stakeholders to represent the interests of our member base. 

About the Canadian Venture Capital and Private Equity Association: cvca.ca

Our Mission 

CVCA’s mission is to help our members fuel the economy of the future by growing the businesses of today. We do this by supporting and connecting a vibrant private capital industry with advocacy, research, and education.   

CVCA is also the nation’s ultimate resource for data on Canadian private capital investments. 

For more information or to arrange an interview, please contact:            

Rebecca Giffen
Executive Director
VCAA                                                        
(403) 681-9893   

 Jon Jackson                                    
Head of Communications            
CVCA                                                          
 (416) 553-1142    

AEC Invests US$15 million to Grow Alberta Tech Companies

AEC invests US$15 million into Inovia Capital’s Growth Fund II to support growth-stage investment in Alberta’s rapidly expanding technology sector

EDMONTON, March 16, 2021 – Alberta Enterprise announced today that it has invested US$15 million into Inovia Capital Growth Fund II to support technology companies in scaling beyond the startup stage. Inovia was co-founded in Alberta and their team’s capital and leadership have helped build some of Canada’s modern tech successes including Symend, Tophat, Drivewyze, Neo Financial and Lightspeed.

“Our investment in Inovia’s Growth Fund II is one of the largest in Alberta Enterprise’s history and we are thrilled to have their team provide not just capital, but mentorship and expert guidance to help our local companies grow and compete on a global scale,” commented Kristina Williams, CEO Alberta Enterprise Corporation. “Our investments now support both early-stage startups and companies at a later stage to help Alberta’s tech companies to stay here and grow here.”

The US $450M Inovia Growth Fund II is focused on growth-stage investments in software-first companies, especially those looking to transform old industries or push new technology frontiers. Inovia’s investment strategy and high-quality team have made them a top choice for many of Canada’s most ambitious technology businesses who seek out the capital and global company-building support of the firm. This is Alberta Enterprise’s third investment in an Inovia fund over the last decade.

“We have world-class tech businesses growing rapidly in Alberta,” said Doug Schweitzer, Minister of Jobs, Economy and Innovation. “Continued investments by Alberta Enterprise into VC firms with global reach is key to motivating our top innovators to stay here and build their teams in Alberta.”

Inovia has a substantial presence in Alberta led by Shawn Abbott, who co-founded the firm in 2007 and supports both venture and growth investments as an Inovia partner. Shawn is a former tech executive who spent 25 years building technology businesses. He contributes extensive experience as an advisor to portfolio companies including Symend, and as a member of the board for Tugboat Logic, Tophat and Workfusion. Inovia has offices in Calgary, Montreal, Toronto, San Francisco and London and holds itself accountable for success in diversity on its team and within its portfolio.

“Our ongoing partnership with Alberta Enterprise Corporation builds on success; With Growth Fund II, we will provide the capital, mentorship and talent to support an amazing group of founders in their commitment to building massive businesses that matter to all of us,” said Shawn Abbott, Partner, Inovia Capital.

About Alberta Enterprise Corporation

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.

About Inovia Capital

Inovia Capital is a venture firm that partners with audacious founders ready to build enduring global technology companies. We are known to roll up our sleeves and serve founders with dedicated, long-term mentorship, a global talent network and strategic support for global scale. Inovia Capital manages over US$1.5B across early and growth-stage funds and holds offices in Montreal, Toronto, Calgary, San Francisco and London.

Editorial Contact: +1 587-402-6601, info@alberta-enterprise.ca

2020 Alberta Tech Deal Flow Study Survey is LIVE!

AEC’s Deal Flow Survey

Open Monday, February 1 until Monday, February 15th

Alberta Enterprise’s Deal Flow Study has become the authoritative source of current information on the state of Alberta’s tech sector. It is widely seen as the most accurate reflection of the ecosystem – and has become a central data source to guide decision making.

 This year, Alberta Enterprise Corporation and Western Economic Diversification Canada commissioned PricewaterhouseCoopers (PwC) to conduct the survey to explore the company industry, stage, funding, and a number of employees - we’ve added a sub-section this year to uncover better insights on Alberta Health and Life Science companies.

Why your involvement matters. 

This survey is used by Canadian and international investors, and Provincial policymakers to determine where they should invest and allocate resources.

For this reason, it is vital we have representative participation from startups and scaleups from all areas of the province – and all fields of tech innovation, regardless of company phase of development or level of commercialization.

It’s easy to participate. 

We appreciate how busy you are and value your time. The survey is designed to be completed in 10-15 minutes.

We thank you for supporting the 2020 Deal Flow Study… and helping us demonstrate why the Alberta Tech Sector is too important to ignore.

VCAA AGM and Speaker Series

Michelle Zatlyn, Co-founder & COO at Cloudflare, Shawn Abbott, Partner at Inovia Capital, and Mahendra Ramsinghani, Founder at Secure Octane & Author at Startup Boards give us a masterclass on building high performing boards. Topics covered include how to:

• Find the 'right' and diverse group of people for your board - Leverage board members to effectively to grow and scale your business

• Manage ongoing communications and relationships, navigate conflicts, exec transitions, uncharted waters

• Handle transactions such as Exits, Financings, IPOs & Shutdowns

  Presented by: Boast.AI R&D Tax Credit Software
  https://boastcapital.com Launch - https://www.launchacademy.ca

Start Alberta RFQ Open for Submissions

Start Alberta is accepting web development submissions via their Request for Quotation (RFQ). 

The RFQ outlines the project requirements for the development and implementation of an enhanced Start Alberta web portal. See the current MVP portal at www.startalberta.com for reference.

If you are interested, please submit your response to the RFQ by February 3 at 11:59 pm MST -  Attention: Kelly Yagelniski at kdyags@gmail.com. 

If you have any questions or need clarification, please call Kelly at 403-690-1184 or email kdyags@gmail.com. 

Job Posting | VCAA Executive Director

The Venture Capital Association of Alberta (VCAA) is looking to bring on an Executive Director to lead the organization and represent the VCAA in the community. 

The multi-faceted role, reporting to the VCAA Board, and delivering on the mandate of the VCAA which is to support the development of the venture capital, private equity and angel investing in Alberta by: 

• Taking a leadership role as an industry advocate 

• Providing networking, events and professional development opportunities for the membership 

• Generating thought leadership, reporting and dissemination of industry content 

The role includes: 

• Member engagement and recruitment – with the objective of creating a highly engaged membership base and growing the membership base 

• Sponsor engagement and securing sponsorships to support events and content delivery 

• Board management, scheduling quarterly board meetings and AGM and working closely with board members to design, develop and implement initiatives 

• Budget ownership and management of consultants/support resources as required 

Specific responsibilities include:

• Website management (maintain and update the website)

• Communication plan (e.g., quarterly newsletter, social media presence)

• Event management (e.g., Ski Day / Stampede Event / VC drinks / Online events / Professional development)

  Represent the VCAA on various community initiatives (e.g., Accelerate AB, StartAlberta Portal, StartAlberta awards etc.)
  

Successful candidate characteristics: 

• Energetic self-starter 

• Brings vision, yet also the drive and practical ability to achieve that vision 

• Good communicator and network builder 

• Event management experience 

• Technologically adept (scheduling and running online events, Slack, Office etc.) 

The position provides a high degree of flexibility in terms of time and independence. It will provide a phenomenal network for anyone looking to expand their understanding of, and access to, the venture capital and investment community in Alberta. 

This position is currently structured, and compensation is reflective of, ~40 hours per month, but there is a possibility for this to grow into a full-time position in the future depending on sponsorship and membership growth, and/or opportunities for close collaboration with other community initiatives. 

Please apply by providing an overview of your experience and what makes you a strong candidate for the position to info@vcaa.ca, applications will be considered through January 8th, 2021. 

6th Annual Rod Charko Service Award Winner

Dr. Ray Muzyka, CM

Winner of the Sixth Annual Rod Charko Service Award
November 18, 2019 | Calgary, AB

Dr. Ray Muzyka, CM is the winner of the sixth annual Venture Capital Association of Alberta (VCAA) Rod Charko Service Award.  The Rod Charko Service Award has been established to recognize on an annual basis an individual that has gone above and beyond to build on the legacy Rod left in this Province.

Rod had a vision for the Alberta Technology Ecosystem where technology companies, investors and mentors would collaborate and work towards a common goal of enhancing the ecosystem in Alberta. Rod was instrumental in the formation of many of the groups that have gone on to continue his work, including the likes of the A100, AccelerateAB, the Accelerate Fund and the VCAA. Rod passed away mid 2012, before he could see his vision come to fruition. 

Dr. Ray Muzyka, the 2019 recipient, is an active leader and mentor in Alberta’s technology ecosystem, continuing on with much of the work started by Rod. He is recognized by his peers in the investment community for his steadfast and enduring dedication to growing the Alberta startup entrepreneurship ecosystem, and for being a constant champion of the province and country.  Ray is the founding Chair of the UAlberta ThresholdImpact Venture Mentoring Service (www.ualberta.ca/vms) and a mentor Fellow at the Creative Destruction Lab Calgary (CDL Rockies), was the past chair of the Alberta Research and Innovation Advisory Committee (ARIAC) and serves on the Board of Governors of the University of Alberta, among other activities in the Alberta ecosystem.

Dr. Muzyka originally trained as a medical doctor at the University of Alberta, serving as a rural ER GP for a decade across Northern Alberta and was co-founder and former CEO of Edmonton-based BioWare (www.bioware.com), now a division of Electronic Arts.   He is currently focused on sustainable, profitable impact investing - mentoring and angel investing in information technology, new media and medical innovations with social entrepreneurs at ThresholdImpact (www.thresholdimpact.com).  He is an active angel investor across North America, and active entrepreneurial mentor.

The VCAA Rod Charko Service Award is presented on an annual basis.  

Media Contact: Rebecca Giffen