Calgary-based VC fund invests in food and agricultural technology
EDMONTON, July 24, 2012 /CNW/ - Alberta Enterprise Corporation today
announced that it has invested $6 million as a limited partner in Avrio
Ventures II, an Alberta venture capital fund that invests in
later-stage food and agricultural technology, including bio-products,
nutraceutical ingredients and food technology companies
Avrio is based in Calgary and also has offices in Montreal and Toronto.
The fund has a strong investment track record and management
experience, and a strong commitment to Alberta with two of its three
partners based here.
"Based in Calgary, Avrio understands the Alberta food and
agri-technology marketplace, a traditional strength of Alberta," said
Barry Heck, Vice Chairman and CEO of Alberta Enterprise. "Avrio's
experience and networks will help Alberta's agriculture and related
entrepreneurs grow global businesses here."
"Alberta is known for our agriculture industry," said Stephen Khan,
Minister of Enterprise and Advanced Education. "Enabling
agri-technology entrepreneurs and companies is a way of creating value
added products from one of our greatest strengths."
"Agriculture continues to be not only a pillar of Alberta's economy, but
is also key to the growing markets of health, wellness, and
sustainability," said founding partner, Aki Georgacacos. "We look
forward to continuing our leadership as an investor in this important
With this investment in Avrio's latest fund, Alberta Enterprise has now
committed for investment $80 million of its $100 million initial
capital to seven venture capital funds (previously announced were
investments in funds with Yaletown Venture Partners, Chrysalix Energy
Venture Capital, iNovia Capital, EnerTech Capital, Azure Capital
Partners and 32 Degrees). These investments have fostered a stronger
Alberta VC environment, by forging connections to other institutional
investors, portfolio companies and other VC firms. As a result, Alberta
entrepreneurs will have access to three expanded and four new VC
offices. These offices provide local "VC feet on the street" to help
Alberta's growing technology firms and entrepreneurs in knowledge-based
About Alberta Enterprise: www.alberta-enterprise.ca
Alberta Enterprise promotes the development of Alberta's venture capital
industry by investing in VC funds that finance early stage technology
companies. Launched with a $100 million investment from the Government
of Alberta, Alberta Enterprise focuses on funds that have a strong
commitment to Alberta - including a full-time presence in the province.
The organization also supports Alberta's VC ecosystem by connecting
investors, entrepreneurs, and experienced technology executives who
share our passion for building a bright, innovative Alberta. Visit www.alberta-enterprise.ca for more information.
About Avrio Ventures Inc.: www.avrioventures.com
Avrio Capital was established in 2006 to identify and invest in
innovative food and agriculture companies that provide solutions to
global challenges in the areas of health, wellness and sustainability.
Avrio is a hands-on investor who works alongside its portfolio
companies to provide the support and resources needed to transform
emerging companies into successful globally competitive enterprises.
SOURCE: Alberta Enterprise Corporation
For further information:
Arleigh Galant Vasconcellos
+1 403 561 4801