Alberta Enterprise announced today that it has invested $10 million in Yaletown Partners second Innovation Growth Fund to help Alberta’s industry-focused software, data and device technology companies grow beyond early stage. Alberta Enterprise first invested in Yaletown Ventures II fund 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 for more than a decade.
“Our investment in Yaletown’s new fund ensures better access to capital for Alberta tech companies so they can propel their initial growth and qualify for funding past Series A,” commented Kristina Williams, CEO Alberta Enterprise Corporation. “Ensuring Alberta startups can grow beyond early stage is core to our mandate and we’re glad to continue our successful partnership with Yaletown to create opportunities for Alberta startups at all stages of funding.”
Yaletown has a $200-million target for its Innovation Growth Fund II which is focused on helping to close the scale-up capital gap for Canadian technology businesses driving digital transformation and modernizing traditional industries. The fund’s aim is to advance technologies supporting “Intelligent Industry” by drawing on machine learning, artificial intelligence and the Industrial Internet of Things (IIoT). The fund will also back companies creating substantial operational efficiencies in industry, which reduce climate impact while driving financial returns for customers.
Alberta Enterprise has a strong investment history with the Yaletown team who also manages Alberta’s Accelerate Funds II and III. With previous fund partnerships, Yaletown has invested in Alberta companies including Circle Cardiovascular Imaging, Showbie, and Chaordix. In 2011, Yaletown established an Alberta presence with Brad Johns as a Partner in its Calgary office. Mr. Johns is highly active in the Alberta technology community, is a member of the Venture Mentoring Service of Alberta (VMSA) and past chair of The A100.
“It’s fantastic to continue our partnership with Alberta Enterprise and build on the tech sector progress we’ve seeded by helping Alberta technology businesses grow here,” said Brad Johns, Partner, Yaletown Partners. “Alberta is home to major industries and technology entrepreneurs here have an important opportunity to envision and support a more efficient, more profitable, and more sustainable future for those customers.”
The Yaletown Partners’ Innovation Growth Fund II investment follows a recent Alberta study that shows the province is home to approximately 3000 technology companies.
“Technology and innovation are driving economic growth around the world, and Alberta is one of the fastest growing tech markets,” said Doug Schweitzer, Minister of Jobs, Economy and Innovation. “This investment will solidify Alberta’s momentum in attracting high-growth technology and innovation companies, helping to diversify our economy and create jobs for today and for the future.”
