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.

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

10 Years of Impact

Alberta Enterprise Corporation celebrates 10-years of building Alberta’s tech ecosystem under the guidance of a new board.

This year, Alberta Enterprise Corporation (AEC) celebrates 10-years of supporting the Alberta technology sector by building and fostering a strong Venture Capital (VC) presence in the province. AEC’s accomplishments are highlighted in the 10th Anniversary edition of its newly released Annual Report. 

Alberta Enterprise Corporation was created 10-years ago, to attract Venture Capital to Alberta and to invest in VC funds that invest in Alberta technology. Our model of investing in VC funds rather than directly subsidizing business (and picking winners and losers) is a best practices approach: one that is arms-length and market driven. It allows us to leverage private capital, which can then be accessed by private-sector Alberta-based technology companies.  All of this is achieved with relatively limited government involvement. 

This market-based funding model is critical to the growth, sustainability and success of a healthy, local technology sector. Today, Alberta is home to over 1,200 technology start-ups.

“When we started, there was a limited VC presence in this province. Over the years, AEC has invested in 17 VC funds, attracting over $494M of investment into 42 Alberta technology startups. More than 1,400 direct jobs have been created in the province as a result of these efforts,” said Kristina Williams, President and CEO of Alberta Enterprise.

A new Board of Directors has been appointed to build on the success achieved under the founding board, whose members had reached their mandated term limits. Paul G. Haggis, who has led the Board since its inception, remains on as the Chair to December 31st of this year.

Alice Reimer (Vice Chair), Jim Gibson, Neil Sadaranganey, Tracey Scarlett, Sharilee Fossum and Patricia Johnston join the AEC Board of Directors. Stepping down are founding directors Barry Heck, Geoffrey Brown, Vicky Sharp and Brad Zumwalt.

According to Paul Haggis, creating a strong VC presence is a process that takes time and patience. 

“Learning from Silicon Valley and other jurisdictions around the world, we know the first decade is absolutely vital to the creation of a self-sustaining technology sector – and in seeing a return on investment. The founding board played a central role in steering AEC through this important period.”  “The new board is starting from a very strong position. I look forward to seeing how Alberta Enterprise and our home-grown technology sector continues to grow under their vision and guidance,” Haggis said.

Read original article here.

StartAlberta Partners with Crunchbase

Calgary, AB – A new strategic partnership between StartAlberta and San Francisco-based Crunchbase expands Alberta’s richest database for the startup community – giving Alberta entrepreneurs even greater exposure to national and international investors.

StartAlberta fills a void within the Alberta ecosystem, as a free and open-source central dealflow directory that external stakeholders, investors and entrepreneurs can use to connect with each other and identify investment opportunities. Crunchbase is North America’s leading platform for helping investment professionals discover innovative companies and connect with the people behind them. It does this by aggregating investor and founder data for both public and private companies in real time.

Under this partnership, StartAlberta’s database will be directly linked to Crunchbase – which reaches over 50 million professionals worldwide.

“By partnering with other data platforms, StartAlberta is making Alberta’s technology sector more visible beyond Alberta’s borders” says Rebecca Giffen, Executive Director of the Venture Capital Association of Alberta (VCAA).

“This new partnership allows StartAlberta to leverage the outstanding reputation and reach of Crunchbase, giving investors and founders who create profiles on StartAlberta unprecedented international exposure,” Giffen adds.

Kristina Williams, President and CEO of Alberta Enterprise Corporation, says StartAlberta fills an important need, and complements their own efforts to attract venture capital funds to the province.

“In any business, but particularly in the technology sector – which is reliant on capital to bring big ideas to fruition – a company’s success depends on its ability to make the right connections,” Williams explains.

StartAlberta’s platform also provides a critical forum for telling the story of Alberta’s entrepreneurial successes. This helps build the case for investing in the Alberta technology sector.

StartAlberta was developed in partnership with Alberta Enterprise Corporation, the A100 and other organizations that form the backbone of Alberta’s technology ecosystem. StartAlberta is a self-sustaining entity, operating under the stewardship of the VCAA.

In their Alberta Technology Competitiveness Report, Invest Alberta recently highlighted the value of StartAlberta as a single directory for investors – and mentioned it among their midterm recommendations.

According to Giffen, StartAlberta plans to continue pursuing data partnerships to further increase exposure of Alberta dealflow to investors, both nationally and internationally.

“Our goal is to make Alberta startups impossible to ignore,” Giffen says.

Editorial Contact:
+1 403 681-9893
rebecca@vcaa.ca

About Alberta Enterprise Corporation:
Alberta Enterprise Corporation promotes the development of Alberta’s venture capital industry by investing in venture capital funds that finance early-stage 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 $184 million for investment to 17 VC funds, covering a diverse range of forward-looking industries including information technology, industrial technology, and life sciences. Our funds and their partners have invested more than $495 million into Alberta technology companies. 
alberta-enterprise.ca

About Crunchbase:
San Francisco-based Crunchbase is the leading platform for professionals to discover innovative companies, connect with the people behind them, and pursue new opportunities. Over 50 million professionals—including entrepreneurs, investors, market researchers, and salespeople—trust Crunchbase to inform their business decisions. And companies all over the world rely on Crunchbase to power their applications, making over a billion calls to our API each year.
crunchbase.com