Annual Report 2023 - 2024 (Alberta Enterprise Corporation)

Summary

• Alberta Enterprise Corporation has committed $367.3 million for investment across 35 venture capital funds, creating access to more than $5 billion in investment capital.p.8
• AEC partner VC funds and their syndicate partners have invested $1.229 billion in 87 Alberta technology companies, generating $4.99 of investment into local companies for every $1 invested by AEC.p.8
• Portfolio companies supported by AEC funds have created more than 3,200 direct jobs and an estimated 15,300 indirect jobs in Alberta.p.8

Key insights

1. 1. While Canadian VC investment decreased by 30% across the country, Alberta venture capital investment held steady with investments fractionally below 2022/23 levels.p.3
2. 2. Over a five-year compounded period, venture capital dollars invested in Alberta grew at an annual rate of 48.5%, compared to 13% for Canada.p.11
3. 4. AEC-supported venture capital funds currently support 35 investment professionals operating directly within Alberta.p.26
4. 6. Information and Communications Technology represents the largest share of Alberta tech companies at 57%, followed by Health and Life Sciences at 12.4% and CleanTech at 10%.p.38
5. 7. AEC's 2010 vintage funds have reached a TVPI of 1.44 as early investments mature.p.29