Alberta Enterprise Corporation invests $10 million into Accelerate Fund II
Accelerate Fund II, the Alberta based early-stage angel co-investment fund,
to be managed by Yaletown Partners and the A100
EDMONTON, November 17, 2016 — Alberta Enterprise announced today that it has launched a second early-stage angel co-investment fund, Accelerate Fund II, with a $10 million investment. Accelerate Fund II will provide local entrepreneurs with a great new resource for startup capital. Managed by Yaletown Partners, Accelerate Fund II will continue to have The A100 act as the operators of its industry committee.
The investment focus for Accelerate Fund II will be on Alberta based companies and will look to invest in the growing emerging pool of excellent early-stage tech companies here. The fund managers will look for companies concentrated in the sectors of information and communication technology, clean and energy technology, life sciences, as well as agriculture and biotech.
“Yaletown is honoured to have been chosen as the fund manager for Accelerate Fund II. We look forward to working closely with The A100 and the local ecosystem to build globally successful technology and innovation-based companies in Alberta. Given our strong track record, we are excited by the opportunity to help early-stage technology companies, shape the local innovation ecosystem, and drive excellent returns for our investors,” said General Partner Brad Johns, Yaletown Partners.
“We are excited to announce Accelerate Fund II. As with Accelerate Fund I, Accelerate Fund II is a great early-stage capital resource for the Alberta tech sector. It is our aim that with this latest deployment of capital Alberta technology jobs and innovations will continue to expand. This funding will help early stage tech companies access the money and resources they need to stay and grow here. We also want to thank AVAC for their excellent management of Accelerate Fund I,” commented Kristina Williams, CEO Alberta Enterprise Corporation.
This new fund has been created to continue to build the Alberta innovation ecosystem by investing along side angel investors in early-stage technology companies. It will also focus significant efforts on further development of the ecosystem.
Talking about the news, Dave Edmonds from The A100 said, “We are happy to continue our relationship with Alberta Enterprise and to work with Yaletown, the new fund manager of Accelerate Fund II. Accelerate Fund I provided a great entry platform for early-stage companies to leverage investments made by angel investors. Because of this initial program we have seen great progress in our tech industry’s success rates over the past five years. The A100 and its members are committed to continuing to work in the community providing advice, mentoring, and coaching to help early-stage technology companies through the various growth phases of their businesses.”
For more information about Accelerate Fund II or to pitch for capital visit www.acceleratefund.ca.
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About Accelerate Fund II: www.acceleratefund.ca
Accelerate Fund II is an early-stage angel co-investment fund in Alberta. We co-invest alongside angel investors in financing rounds and will typically invest up to $500,000 on the same terms and conditions as private investors. We work with formal angel groups, super-angels, family funds, and individual angel investors. Accelerate Fund II invests in private, early-stage Alberta companies in knowledge-based industries including: information and communications technology, clean and energy technology, as well as life sciences, including agriculture and biotech.
About Alberta Enterprise Corporation: www.alberta-enterprise.ca
Alberta Enterprise Corporation promotes the development of Alberta’s venture capital industry by investing in venture capital funds that finance early-stage technology companies. We focus on funds that have a strong commitment to Alberta – including a full-time presence in the province. In addition to 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.
Since our inception we have committed $125 million for investment to ten VC funds, the Accelerate Fund I and II, covering a diverse range of forward-looking industries including clean and energy technologies, information and communications technologies, life sciences, and agriculture and food.
About Yaletown Partners: www.yaletown.com
Yaletown invests in emerging-growth technology companies in Canada that enhance sustainability and productivity for industrial and enterprise customers. Our investments help Canadian technology companies in their initial growth phase to accelerate their growth, shorten exit timeframes and achieve strong exit premiums. Since 2013, Thomson Reuters’ has ranked Yaletown as one of Canada’s most active private independent technology investors. Yaletown is led by a team with more than 120 years of collective experience building and financing technology companies, and is backed by leading institutional investors and a network of successful technology entrepreneurs, executives and angel investors.
The A100: www.theA100.org
The A100 is a non-profit, member-funded organization of “been there, done that” tech entrepreneurs and executives. The group is dedicated to helping Alberta’s next generation of innovative start-ups become successful. Formed by a group of industry pioneers who have been tied to many of Alberta’s technology success stories, the organization now has over 75 members across the province.