Alberta Enterprise Corporation invests additional $5 million to benefit Alberta startups
Accelerate Fund III, the Alberta based early-stage angel co-investment fund, is expanded from $10 million to $15 million
EDMONTON, AB, Oct. 19, 2020 /CNW/ - Alberta Enterprise announced today that it has invested an additional $5 million into its third early-stage angel co-investment fund, Accelerate Fund III, bringing the fund to $15 million. Building on the announcement of the third fund in May, the additional investment will provide more Alberta technology entrepreneurs with a source of startup capital as they expand their teams and attract more investment to Alberta.
"The Accelerate series of funds were designed to have a positive and significant impact on our early-stage technology landscape" commented Kristina Williams, CEO Alberta Enterprise Corporation. "The fund is a valuable source of capital and expertise for the rapidly-growing Alberta tech sector and the additional investment comes at a critical time in our economy to encourage even more Alberta entrepreneurs to stay and grow here."
"Alberta is becoming a global player when it comes to technology and innovation," said Doug Schweitzer, Minister of Jobs, Economy and Innovation. "Continued investments by Alberta Enterprise will further grow technology businesses and allow them to hire and grow with confidence while staying local."
The Accelerate series of funds was established by Alberta Enterprise Corporation to encourage more private capital investment into Alberta's emerging technology sector. For startups to access Accelerate Fund investment, there needs to be private angel investors willing to join in the investment round. The aim of the fund is to provide capital to Alberta technology startups at an early and critical stage of their growth, so that they may expand their revenues and expand their teams beyond having a product in market and some early customers. The fund managers look for companies concentrated in the sectors of information and communication technology, energy technology, life sciences, as well as agriculture and biotech.
Since Alberta Enterprise Corporation launched the Accelerate Fund program in 2012, the fund has supported more than 20 Alberta early-stage technology businesses. With this additional investment capital, the Accelerate Fund III can take advantage of the increasing quality and quantity of early-stage technology businesses in Alberta to fund the growth of more local startups and participate in the financial returns of their success.
About Alberta Enterprise Corporation: 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 our inception we have committed C$202 million for investment to sixteen VC funds and the Accelerate Funds I, II and III, covering a diverse range of forward-looking industries including energy technologies, information and communications technologies, life sciences, as well as agriculture technologies.
About Accelerate Fund III: www.acceleratefund.ca
Accelerate Fund III is an early-stage angel co-investment fund in Alberta. The fund co-invests alongside angel investors in financing rounds and will typically invest up to $500,000 on the same terms and conditions as private investors. Working with formal angel groups, super-angels, family funds, and individual angel investors. Accelerate Fund III invests in private, early-stage Alberta companies in knowledge-based industries including: information and communications technology, energy technology, as well as life sciences, including agriculture and biotech.
SOURCE Alberta Enterprise Corporation
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