Alberta accelerator seeks to spur tech entrepreneurs
Alberta Enterprise announced 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 Corp. “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.”
Private angel investors
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.