Alberta group seeks to support start-ups
Alberta Enterprise has invested $ 10 million in Yaletown Partners’ second innovation growth fund to help Alberta companies focused on the software, data and device industry grow beyond the initial stages. Alberta Enterprise first invested in Yaletown Ventures II in 2010, followed by Innovation Growth Fund I in 2017. Yaletown manages a large portfolio of Canadian technology companies and has been a successful investment partner for Alberta Enterprise since over a decade.
“Our investment in the new Yaletown fund ensures better access to capital for Alberta technology companies so they can propel their initial growth and qualify for funding beyond Series A,” commented Kristina. Williams, CEO of the Alberta Enterprise Corporation. “Ensuring Alberta startups can grow beyond the early stage is at the heart of our mandate and we are pleased to continue our successful partnership with Yaletown to create opportunities for Alberta startups at all stages of funding. “
Technology at the service of digital transformation
Yaletown has a target of $ 200 million for its Innovation Growth Fund II, which aims to help close the expansion capital gap for Canadian tech companies that are driving digital transformation and modernizing traditional industries. The fund’s objective is to advance technologies supporting the “smart industry” by leveraging machine learning, artificial intelligence and the Industrial Internet of Things (IIoT). The fund will also support companies creating substantial operational efficiencies in the industry, which reduce climate impact while generating financial returns for clients.
Alberta Enterprise has a strong investment history with the Yaletown team which also manages the Alberta Accelerate Funds II and III. Through previous fund partnerships, Yaletown has invested in Alberta companies including Circle Cardiovascular Imaging, Showbie and Chaordix. In 2011, Yaletown established a presence in Alberta with Brad Johns as an associate in its Calgary office. Mr. Johns is very active in the Alberta tech community, is a member of the Venture Mentoring Service of Alberta (VMSA) and past president of the A100.
Stimulate economic growth
“It’s fantastic to continue our partnership with Alberta Enterprise and build on the advancements in the technology sector that we have seeded in helping Alberta technology companies grow here,” said Brad Johns, Partner, Yaletown Partners. “Alberta is home to great industries, and technology entrepreneurs have an important opportunity here to envision and support a more efficient, profitable and sustainable future for these customers. “
The investment from Yaletown Partners’ Innovation Growth Fund II follows a recent Alberta study that shows the province is home to approximately 3,000 technology companies.
“Technology and innovation are driving economic growth around the world, and Alberta is one of the fastest growing technology markets,” said Doug Schweitzer, Minister of Employment, the Economy and of Innovation. “This investment will build Alberta’s momentum to attract high growth technology and innovation companies, which will help diversify our economy and create jobs now and in the future.”
About the 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 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 experienced investors, entrepreneurs and technology leaders who share our passion for building a brilliant and innovative Alberta. Since our inception, we have committed C $ 234 million for investments in twenty-two venture capital funds, including the Accelerate I, II and III funds, covering a wide range of up-and-coming industries, including information, industrial technologies and life sciences.
About Yaletown Partners: www.yaletown.com
Yaletown Partners is a leading Canadian venture capital fund manager investing in technologies that digitally transform traditional industries with a focus on climate resilient growth. In 2017, Yaletown received the Venture Capital Deal of the Year award from the CVCA for its investment in BitStew. Backed by leading institutional investors, including pension funds, and a network of successful technology entrepreneurs, Yaletown has offices in Vancouver, Calgary, Edmonton, Toronto and Montreal.