Alberta Enterprise makes first investment after new capital allocation
EDMONTON, Feb. 8, 2016 /CNW/ - Alberta Enterprise Corporation announced today that it has invested $5 million as a limited partner in Avrio Ventures III, a $108 million agriculture and food technology venture capital (VC) fund based in Calgary.
The investment in Avrio III marks Alberta Enterprise's first capital placement since their new capital allocation from the Government of Alberta was announced in the fall of 2015. This investment supports one of the province's key sectors – agriculture – and the diversification and creation of value added agriculture products and technologies in Alberta.
Commenting on the investment, Kristina Williams, Alberta Enterprise CEO said, "Avrio has a history of investing in quality Alberta based businesses. They are an active partner in building the VC industry locally and as such support the development of the provincial VC and technology sector – our main mandate at Alberta Enterprise."
As Alberta continues to strengthen its foundation in food and agriculture, Avrio's investment focus supports the increased adoption of technology in the agriculture sector, which is needed to meet the evolution and increasing demands of the global marketplace. Avrio's sector focus and role as an active investor in its portfolio companies will help drive Alberta's advancement from a commodity-based economy to one offering world class technologies in the converging fields of agriculture, food, health, and industrial products.
"We are delighted to have Alberta Enterprise back as an investor in our latest fund," says Aki Georgacacos, Co-Founder and Managing Parner of Avrio Capital. "Their support of innovation amongst food and agriculture companies is creating a significant cluster of Alberta based enterprises that are becoming leaders in addressing major global imperatives around food security, and sustainability."
Avrio II, a previous Alberta Enterprise placement, invested in several local Alberta companies, including Sulvaris and Baby Gourmet. The firm has also been awarded "Deal of the Year" twice by the Canadian Venture Capital and Private Equity Association (CVCA).
With this latest investment in Avrio's new fund, Alberta Enterprise has now committed $5 million of the $50 million appointed to the corporation by the Government of Alberta. "Expanding access to capital is a part of the Government of Alberta's plan to create jobs and diversify the economy," said Deron Bilous, Minister of Economic Development and Trade. "This initial investment from the Alberta Enterprise Corporation will help entrepreneurs get their ideas off the ground and into the marketplace."
For more information about Alberta Enterprise, please visit www.alberta-enterprise.ca. For more information about Avrio, please visit www.avriocapital.com.
About Alberta Enterprise: www.alberta-enterprise.ca
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 inception we have committed $105 million for investment to nine VC funds and the Accelerate Fund, covering a diverse range of forward-looking industries including clean and energy technologies, information and communications technologies, life sciences, and agriculture and food.
About Avrio Capital: http://www.avriocapital.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 an active 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
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