Annual Report 2022 - 2023 (Alberta Enterprise Corporation)

ReportAlberta Enterprise CorporationJune 202364 pages96 min readOriginal source

Key number

$332 million

Total capital committed to VC funds p.6

What changed

$1.13 billion

Cumulative VC invested into Alberta companies p.23

Key number

1.35

Total Value to Paid In (TVPI) p.24

Summary

AEC has committed $332 million for investment across 31 venture capital funds, creating access to close to $4.6 billion of investment capital at a 13.8:1 leverage ratio.p.6
Partner venture capital funds and their syndicates have deployed over $1.13 billion into 76 Alberta technology companies.p.6
Every $1 invested by AEC has generated more than $5.43 of venture capital investments back into Alberta companies.p.6
The 76 portfolio companies supported by AEC's fund investments have created more than 2,890 direct jobs and an estimated 13,800 indirect jobs in Alberta.p.6
Every $1 invested by AEC had a total value of $1.35 as of March 31, 2023, representing a Total Value to Paid In (TVPI) multiple of 1.35.p.24
In calendar year 2022, overall venture capital investment across Alberta reached a record $729 million deployed into 85 companies, up 30% over 2021.p.8

Key insights

1. While Canada's national venture capital ecosystem experienced a 30% decline year-over-year in 2022, Alberta venture capital activity grew by 30% over 2021 levels.p.8
2. AEC added six new fund investments to its portfolio during fiscal 2022/23: iNovia 2022, Relay V, Alpaca III, PillarFour II, Evok II, and Sprout II.p.22
3. The total capital invested by AEC funds and syndicate partners into Alberta businesses increased from $1.0 billion across 65 companies in March 2022 to $1.13 billion across 76 companies in March 2023.p.23
4. Cumulative cash distributions returned to AEC by its underlying fund portfolio reached $91.5 million as of March 31, 2023, an increase of $7 million from March 2022.p.25
5. Realized distributions from fund investments have outpaced AEC's cumulative operating costs since inception by a ratio of nearly four to one.p.9
6. The portfolio's TVPI decreased from 1.45 in March 2022 to 1.35 in March 2023, reflecting broader market fair value write-downs and the early J-curve drag of six newly added funds.p.24
7. The StartAlberta.com ecosystem database grew to host 1,991 verified technology startups and 361 verified investors as of March 31, 2023.p.30

Topics and entities

Deep tech investment Public funding and grants Startup ecosystems Startup funding Venture capital Alberta Enterprise Corporation Azure Capital Partners Builders VC Chrysalix Energy Evok Innovations Inovia Capital McRock Capital Panache Ventures PillarFour Capital Relay Ventures Sprout Fund Yaletown Partners

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