According to the latest announcement from Alberta Enterprise, the firm has put in $10 million into the early stage, angel co-investment fund Accelerate Fund. As a result of this investment Alberta Enterprise has now become a limited partner in the fund, leveraging their capital to invest in early stage companies and start-ups related to the technology sector in Alberta.
This list of companies will include information technology companies, communication technology companies, life sciences, clean technology, energy technology, biotech and agriculture.
CEO of Alberta Enterprise, Barry Heck said on this occasion that, “We determined that there was a funding gap for Alberta’s emerging tech entrepreneurs. The Accelerate Fund targets this gap, by increasing the capital available for early-stage companies in Alberta, helping these innovative businesses get the human and financial capital they need to successfully execute.”
Alberta’s Minister of Enterprise and Advanced Education, Stephen Khan added that, “The Accelerate Fund is a creative solution to advance innovation and entrepreneurship in Alberta. This investment by Alberta Enterprise will help the Province develop and sustain a more innovation-driven economy.”
This is not the first time that Alberta Enterprise has made an investment in a VC as the objective of this firm is to invest in VC funds exclusively. On the other hand, Accelerate Fund promotes collaboration between angel investors and are planning to bring in more sponsors into deals.
As far as this collaboration is concerned, Accelerate Fund will be advised by an industry committee that will be directed by the A100 organisation, so they can provide necessary support and coaching to the early stage companies, says Alberta Enterprise. Apart from this, Enterprise will provide industry insight and guide this organisation however they will not look to sway any investment decision made by Fund Managers.
Source: Tech Vibes
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