Alberta Enterprise Corporation's latest investment expands access to US capital for local startups
AEC invests USD $7.5 million into Alpaca VC Fund III to provide early-stage capital to diverse Alberta startups seeking the growth advantage of US venture capital and networks.
EDMONTON, AB, March 7, 2023 /CNW/ - Alberta Enterprise announced today that it has invested USD $7.5 million into Alpaca VC's third fund to provide early-stage capital to Alberta technology companies focused on PropTech, Construction Tech, FinTech, FoodTech, AgTech, Supply Chains and Marketplaces. Alpaca is a New York-based venture capital firm led by partners with deep experience as founders and investors. The firm is targeting USD $75M for its third fund.
Since its founding in 2013, Alpaca has invested in more than 80 startups including a recent investment in Alberta-based Placeholder a marketplace for warehouse space. After evaluating dozens of Alberta technology companies, Alpaca sought investment from Alberta Enterprise to participate in the promise and investment returns of the local startup community.
"A large portion of the startups in Alberta fit within Alpaca's investment focus, and an investment from Alpaca into these companies opens up access to US capital and markets," commented Kristina Williams, CEO of Alberta Enterprise Corporation. "Connecting local startups with the experience, connections and capital of the Alpaca team provides a real growth advantage."
Alpaca's team is led by US-based partners Ryan Freedman, Aubrie Pagano, David Goldberg, and Daniel Fetner. Alpaca recently hired Calgary-based Alex Morley as Senior Associate to support the discovery of Alberta startups. Alex has venture capital investment experience from BDC and District Ventures.
"Our assessment of local technology companies in areas like PropTech, Supply Chain and FinTech has shown the promise of Alberta startup founders and their growth plans," commented Alex Morley, Senior Associate, Alpaca VC. "We look forward to being a catalyst in many Alberta success stories."
"Our goal is to equip Alberta businesses to stay local but expand global," added Nate Glubish, Minister of Technology and Innovation. "One way to do that is to tap into capital and investment talent from beyond our borders. With Alpaca's investment, more Alberta businesses can build larger businesses here, hire more people here, and reach new markets, right from Alberta."
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. We have committed C$332 million for investment to thirty-one 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.
Alpaca VC is a venture capital firm led by former founders who invest at the intersection of the digital and physical worlds. We're an all-grit, no B.S. team that operates with a One Herd mentality. Founded in 2013, we invest in sectors across the US and Canada, including PropTech, Blockchain Infrastructure, Commerce, Sustainability, FinTech, the Future of Work and Marketplaces.
Alpaca VC's fund interests have not been registered under the US Securities Act of 1933, as amended, or under any applicable state or foreign securities laws, nor have such interests been approved or disapproved by the US Securities and Exchange Commission or the securities regulatory authority of any state or foreign jurisdiction. Statements contained herein do not constitute an offer to sell or a solicitation of interest to purchase any securities or investment advisory services in any state or in any other jurisdiction in which such offer or solicitation is not authorized.
SOURCE Alberta Enterprise Corporation
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