Alberta Enterprise Corporation invests further into fintech and other rapid-growth technologies
AEC invests USD $10 million in Relay Ventures Fund V to provide early-stage financing to rapid-growth businesses in finance, real estate, sports and gaming, as well as urban life.
EDMONTON, AB, Nov. 22, 2022 /CNW/ - Alberta Enterprise announced today that it has invested USD $10 million into Relay Ventures Fund V to support early-stage Alberta technology companies innovating in finance, real estate, sports and gaming as well as urban life. This is the second investment by Alberta Enterprise into Relay Ventures.
In past funds, Relay has invested in companies including TouchBistro, which offers a restaurant customer experience platform, ecobee, (acquired by NASDAQ: GNRC) an innovator in connected home security and climate control products, Calgary-headquartered Mobsquad, a technology talent services provider, and Bird Canada, a leader in eco-friendly urban transportation. Their Fund V investments include Alberta-based fintech company, miQ, a savings and credit building platform that aims to provide greater access to new-to-credit and new-to-Canada consumers.
Relay has offices in Toronto, Calgary, and San Francisco. Their Alberta team is led by Managing Partner, Irfhan Rawji, who joined the firm in 2016 and has been an active proponent of Alberta as a significant Canadian tech hub, attracting capital and talent to local startups.
"Relay's investments, and Irfhan's personal passionate commitment to the local community, help to realize the growth ambitions of startups currently dominating Alberta's evolving economy including fintech businesses," commented Kristina Williams, CEO of Alberta Enterprise Corporation. "It is great to see Relay continuing to focus on Alberta as a vibrant technology economy and carrying on the growth momentum started with its last fund."
Through Fund V, Relay will provide seed and Series A funding to startups in industries with the high potential for growth, fuelled by the rapid adoption of technology. They focus on four sectors: fintech; urbantech to support better city life for citizens; property technology to enable new business models in real estate; and sportstech to transform how games are played, distributed, and consumed across sports, media, fitness and gaming.
"This investment further expands the capital and expertise available to startups that create jobs and diversify Alberta's economy," said Nate Glubish, Minister of Technology and Innovation. "Alberta Enterprise has a proven track record that for every dollar invested, more than five dollars comes back to Alberta tech companies and it's exciting to build on that momentum. It's another way we're making our affordable, friendly province appealing to talented people and attractive to investors."
"Relay is excited to continue our active engagement in Alberta's innovation economy," said Irfhan Rawji, Managing Partner of Relay Ventures. "The past several years have witnessed substantial growth of the sector, and we expect that to continue. We look forward to continuing to bring our capital and experience to help more Alberta-headquartered companies, such as miQ and MobSquad, become global champions."
Alberta Enterprise Corporation promotes the development of Alberta's venture capital industry by investing in venture capital funds that finance technology companies. We focus on funds that have a strong commitment to Alberta – including a full-time presence in the province. In addition to financial capital, we support Alberta's venture capital ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share our passion for building a bright, innovative Alberta. As of October 2022, we have committed C$318 million for investment to twenty-nine venture capital funds including Accelerate Funds I, II and III, covering a diverse range of forward-looking industries including information technology, energy and industrial technology, and life sciences.
Relay, founded in 2008, is one of Canada's leading independent VC fund managers. The Firm is presently investing out of its fifth fund which commenced in 2022. It has invested in more than 120 companies and successfully exited more than half through M&A and IPO. The Firm has a team of 19 professionals with offices in Toronto, Calgary, and San Francisco.
SOURCE Alberta Enterprise Corporation
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