Calgary-based VC fund invests in food and agricultural technology companies
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 sector."
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 industries.
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