Alberta Enterprise this week announced that it has invested $10 million in the new Accelerate Fund, a new angel co-investment fund.
The organization is now a limited partner of the fund, which will expand the available capital for startup and early-stage companies across all technology sectors in the province.
“We determined that there was a funding gap for Alberta’s emerging tech entrepreneurs,” said Barry Heck, CEO of Alberta Enterprise. “The Accelerate Fund targets this gap, by increasing the capital available for early-stage companies in Alberta and helping more technology businesses get the human and financial capital they need to successfully execute.”
"The Accelerate Fund is a creative solution to advance innovation and entrepreneurship in Alberta," added Stephen Khan, Alberta’s Minister of Enterprise and Advanced Education. "This investment by Alberta Enterprise will help the Province develop and sustain a more innovation-driven economy."
The Accelerate Fund encourages collaboration among angel investors and is looking to bring multiple angel investors into deals. Financing is open to technology companies in information and communications technology, clean and energy technology, as well as life sciences, including agriculture and biotech.
To meet the challenge of providing necessary coaching and support to these early stage companies, an industry committee will advise the Accelerate Fund, according to Alberta Enterprise. This group will offer industry insight and mentorship, but will not influence investment decisions made by the Fund Manager, the organization says. This committee will be led by the A100 organization.