COVID-19 Updates: State of public health emergency declared.
The Accelerate Fund provides money to Alberta’s early-stage tech startups and entrepreneurs, matching dollars already raised through angel investing, to assist with the operational and administrative costs of launching a new business.
"Investing in technology and innovation is a key component of our recovery plan. The investment today was made possible by our government’s $175-million recapitalization of Alberta Enterprise. This will help diversify our economy and allow innovative companies to hire and grow with confidence here in Alberta.”
The Accelerate Fund typically invests up to $500,000 into their selected startups. Startups must be private, incorporated, and have a head office and more than 50 per cent of their employees located in Alberta. The fund has historically focused on startups in information and communications technology, clean energy technology, health and life sciences, agriculture and biotechnology.
Examples of Alberta-grown startups made successful with the help of the Accelerate Fund include Vertical City, which built Canada’s largest residential elevator and lobby screen advertising network, and G2V Optics’ clean engineered sunlight that is transforming indoor farming. In less than five years, the clean-tech company has moved from a basement operation to a partner of international research institutions and multi-billion dollar global aerospace and food production companies.
“The Accelerate series of funds were designed to have a positive and significant impact on our early-stage technology landscape. 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.”
“A100 members have been actively involved in mentoring, supporting and growing the technology sector for the past 10 years, and we look forward to continuing in that role alongside AEC and the Accelerate Fund III.”
Alberta Enterprise Corporation
AEC grows Alberta’s venture capital industry by investing in venture capital funds that finance early-stage technology companies. The corporation focuses on funds that have a strong commitment to Alberta – including a full-time presence in the province. In addition to capital, AEC supports Alberta’s venture capital ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share a passion for building a bright and innovative Alberta.
Since its launch, AEC has provided $202 million in investment to 16 venture capital funds across the province and the Accelerate Fund’s rounds I, II, and III.
Supporting the province’s tech startup community is a key part of Alberta’s Recovery Plan – a bold, ambitious long-term strategy to build, diversify, and create tens of thousands of jobs now. By building schools, roads and other core infrastructure we are benefiting our communities. By diversifying our economy and attracting investment with Canada’s most competitive tax environment, we are putting Alberta on a path for a generation of growth. Alberta came together to save lives by flattening the curve and now we must do the same to save livelihoods, grow and thrive.
Yaletown Partners is a leading Canadian investor dedicated to closing the scale-up capital gap and focused on the intelligent industry opportunity. They invest in emerging growth companies that enhance sustainability and productivity for industrial and enterprise customers. Its investments enable the application of data and technologies to digitally transform traditional industries, drive innovation, create operational efficiencies and reduce the impact of climate change. In 2017, Yaletown received the CVCA’s Venture Capital Deal of the Year award for its investment in BitStew, Canada’s largest venture-financed exit of 2016. Backed by leading institutional investors, including pension funds, and a network of successful technology entrepreneurs, Yaletown has offices in Vancouver, Calgary, Toronto and Montreal.
The A100 is a non-profit, member-driven group of Alberta’s most noteworthy technology entrepreneurs who volunteer their time and energy to help the next generation of tech entrepreneurs thrive. Formed in 2010 by a group of industry pioneers who have been tied to many of Alberta’s technology success stories, the organization now has more than 100 members across the province.
- For every dollar invested by the Accelerate Fund II into Alberta startups, almost three times that amount was invested through matched angel funding.
- The Accelerate Fund III follows the first two successful Accelerate Funds and was initially announced in May 2020 with a $10-million investment.
- The Accelerate Fund III will be managed by Yaletown Partners, a Canadian investment group, with the support of The A100, a non-profit, member-funded organization of tech entrepreneurs and executives.
- This is the same investment team that oversaw the successful Accelerate Fund II.