“Alberta’s tech sector is on a tear, showing that the province is on track for another record year despite the rest of Canada seeing less investment. In Q3 2023, venture capital investments in Alberta remained strong with 21 deals worth $128 million, representing a 357 per cent increase compared with the $28 million in deals for Q3 last year.
“These numbers come as Deloitte ranked several Alberta companies in their Top 50 fastest-growing list, including Neo Financial as the No. 1 fastest-growing company to watch, among others such as Eavor, PurposeMed and ZayZoon.
“Year to date, Alberta is at $534 million in total venture capital investment, five per cent higher than the same period last year. Alberta’s increase is in sharp contrast to Canada overall, which saw a decline of 25 per cent in year-to-date investments.
“In addition, Alberta’s average deal size is up 22 per cent because of larger deals that occurred this year. With 61 deals year to date, Alberta is punching above its weight. We’ve captured 12.3 per cent of the venture capital deals in Canada so far.
“With five record years in venture capital growth, our success is not a one-off. We are becoming a major venture capital player in Canada as the technology sector becomes entrenched into our economy. And that is good not just for one sector but for all sectors of the economy.
“I am looking forward to a strong finish at year’s end, cementing our position as one of the top venture capital hubs in Canada.”