Annual Report 2020-21 (Alberta Enterprise Corporation)

Summary

• In 2020, Alberta tech companies attracted a record $455 million in venture capital across 51 investments, doubling the 2019 total.p.6
• Alberta Enterprise Corporation has committed $231 million to 21 venture capital funds.p.6
• Every $1 invested by Alberta Enterprise has yielded more than $4.50 of investment back into Alberta tech companies.p.7
• Portfolio-supported companies have generated over 1,900 direct jobs and an estimated 9,100 indirect jobs in Alberta.p.7
• The Government of Alberta expanded its commitment to Alberta Enterprise by doubling its capital allocation from $175 million to $350 million.p.9
• Over 57% of tech companies in Alberta have completed fundraising rounds, with 43% raising at least US$1 million.p.15

Key insights

1. Venture capital investment into Alberta companies doubled in 2020 to reach $455 million across 51 deals.p.16
2. Alberta VC investment grew by more than 700% over the past 10 years.p.6
3. Alberta Enterprise leveraged its $231 million commitments into access to over $2.6 billion of total investment capital.p.7
4. Every $1 invested by Alberta Enterprise is currently valued at $1.31.p.7
5. Almost 40% of Alberta tech companies generate annual revenues over $1 million, representing a 165% increase since 2018.p.15
6. Female participation among founders in Alberta technology companies remains steady at almost 30%.p.15
7. While overall Canadian venture capital deal volume contracted by 29% nationally, Alberta recorded a 100% increase in invested capital.p.16
8. Funds associated with Alberta Enterprise were directly involved in 50% of all venture capital invested in Alberta in 2020.p.22