This investment from Alberta Enterprise will help to finance early stage mobile ventures
EDMONTON, Nov. 3, 2016 /CNW/ - Alberta Enterprise Corporation announced today that it has invested $10 million USD as a limited partner in Relay Ventures Fund III Limited Partnership. Relay Ventures raised close to $150 million USD for its third venture capital fund focused on the early stage North American mobile venture space, including mobile software, hardware, services, and content.
This is a very strategic investment for Alberta Enterprise. Up until now the organization did not have a fund in its portfolio focused solely on early stage mobile technology ventures, which represents a significant segment of Alberta's growing technology sector. A recent survey shows that software ventures represent over half of new technology start-ups in the province, and about 40% of these companies indicate they have a mobile component to their technology.
Commenting on the investment, Kristina Williams, Alberta Enterprise President and CEO said, "This new investment with Relay Ventures is a great fit for Alberta, creating access to capital for our software and early stage companies. We are very happy to attract such a strong team with deep expertise in the mobile technology sector to the province."
The Relay Ventures investment is the second investment commitment that Alberta Enterprise has made since receiving new capital allocations in 2015 and 2016. Relay Ventures will establish an office in Alberta.
"We are pleased to have AEC as an investor in our new fund," said Kevin Talbot, co-founder and managing partner of Relay Ventures. "Entrepreneurs across Canada are disrupting global incumbent industries with their mobile software, services, technology, and content. We look forward to working with the startups in Alberta that can benefit from our differentiated focus on mobile."
"We need to work together to build an economy for the future and we are ensuring innovation continues to be an important part of doing that," said Deron Bilous, Minister of Economic Development and Trade. "This new investment from Alberta Enterprise Corporation provides the capital needed to produce globally successful Alberta companies that continue to create jobs and diversify."
About Alberta Enterprise: http://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 its inception we have committed $115 million for investment to ten 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 Relay Ventures: http://www.relayventures.com/
Relay Ventures is an early stage venture capital firm focused exclusively on mobile software, services, technology and content with offices in Toronto and Menlo Park, CA.
SOURCE Alberta Enterprise Corporation
For further information: Editorial Contact: +1 780 392 3901, [email protected]