Alberta Enterprise Corporation is further investing in fintech and other high-growth technologies
AEC invests USD 10 million dollars i Relay Ventures Fund V to provide early funding to fast growth companies i finance, real estate, sports and gaming, as well as city life.
EDMONTON, AB, 22 November 2022 /CNW/ – Alberta Enterprise announced today that it has invested USD 10 million dollars into Relay company Fund V to support the early phase Alberta technology companies that innovate in finance, real estate, sports and games and urban life. This is the second investment from Alberta Enterprise in Relay Ventures.
In previous funds, Relay has invested in companies including TouchBistro, which offers a restaurant customer experience platform, ecobee(acquired by NASDAQ: GNRC) an innovator in security and climate control products for the connected home, Calgary– with head office Mobsquada provider of technology talent services, and Bird Canada, a leader in environmentally friendly urban transport. 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, Calgaryand San Francisco. Their Alberta the team is led by managing partner, Irfhan Rawji, who joined the firm in 2016 and has been an active advocate for Alberta as a significant Canadian technology hub, attracting capital and talent to local startups.
“Relay’s investments, and Irfhan’s personal passionate commitment to the local community, help realize the growth ambitions of startups that currently dominate Alberta’s developing economy including fintech companies,” commented Christina Williams, CEO of Alberta Enterprise Corporation. “It’s great to see Relay continue to focus on Alberta as a vibrant technology economy and continuation of the growth momentum started with its last fund.”
Through Fund V, Relay will provide initial and series A financing to startups in industries with high potential for growth, driven by rapid adoption of technology. They focus on four sectors: fintech; urbantech to support better urban life for citizens; real estate 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 expands the capital and expertise available to startups that create jobs and further diversify Alberta’s economy,” said Nate Glubish, Minister for Technology and Innovation. “Alberta Enterprise has a proven track record that for every dollar invested, more than five dollars will return to Alberta technology 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 pleased to continue our active involvement in Alberta’s innovation economy,” said Irfhan Rawji, Managing Partner at Relay Ventures. “Over the past few years, the sector has witnessed significant growth and we expect it to continue. We look forward to continuing to bring our capital and experience to help more Alberta-headquartered companies like miQ and MobSquad are becoming global champions.”
Alberta Enterprise Corporation promotes the development of Alberta’s the venture capital industry by investing in venture capital funds that finance technology companies. We focus on funds that have a strong investment in 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 leaders who share our passion for building a bright, innovative Alberta. Per October 2022we have committed ourselves C$318 million for investment into twenty-nine venture capital funds including Accelerate Funds I, II and III, covering a variety 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 currently investing from its fifth fund, which launched in 2022. It has invested in more than 120 companies and successfully exited more than half through M&A and IPOs. The firm has a team of 19 professionals with offices in Toronto, Calgaryand San Francisco.
SOURCE Alberta Enterprise Corporation
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