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Welcome to this week's Sunday Briefing. In this issue, the future of venture capital in Alberta, plus 13 other stories you've probably missed. Have a great day. We'll see you again Wednesday.

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Alberta VC demand to reach $11 billion over the next decade

Demand for venture capital dollars in Alberta will surpass eleven figures over the next decade, according to the head of Alberta Enterprise Corporation (AEC).

“Today if we looked at it, conservatively, probably $1.5 to $2 billion is currently the demand for venture capital in Alberta. By the time we reach 2032, we're estimating it's going to be probably $11 billion,” said Kristina Williams, president and CEO of AEC, at Scotiabank’s recent Venture Capital and Innovation Summit in Vancouver.

“So we are foreseeing quite staggering and important growth,” Williams added.

The comments were made during a panel discussion regarding the government’s role in fueling tech and innovation. The other panellists included leaders from BDC and InBC Investment Corp.

Through her role at AEC, it’s Williams’ job to foster an active VC ecosystem in the province by investing in funds that then go on to invest in Alberta companies. A recent example is AEC’s investment of USD $7.5 million into Alpaca VC, a New York-based VC to provide early-stage capital to Alberta startups that are focused on proptech, construction tech, fintech, foodtech, agtech, supply chains, and marketplaces.

For Alberta to be successful, Williams says that the private sector must step in and match the province’s growing demand for capital. “We have to make sure that industry comes in and fills that,” she said. “Because again, I don't want to be here to create a perpetual government program. This has to be driven by industry.

“Silicon Valley was started with a lot of government money, and now it's got its own ecosystem. So I'm not gonna say we want to be the next Silicon Valley… but I want to have a self-sustaining ecosystem where we are not needed anymore.”

Alberta companies raised $729 million in 2022, per data from CVCA. According to Briefed.in, local companies raised $225.5 million as part of seven investments in the first quarter of this year, which puts the province on track to attract upwards of $1 billion in 2023.

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🤝 Funding, Deals + Partnerships

• VEERUM raises $9.3M funding to propel growth as premier digital twin solution. The rapidly growing technology firm in the industrial asset visualization space has announced its next funding round of $9.3 million led by Idea Well Capital Partners and existing investors, BDC Capital’s Industrial Innovation Venture Fund, Evok Innovations, and Builders VC. VEERUM

📰 Need To Know

• UCP takes 65% of the tech industry's vote. Last week, we asked you which party would be better for Alberta’s innovation economy. Well over half of you chose Danielle Smith's United Conservative Party over Rachel Notley’s Alberta NDP. Calgary Tech Journal

• Calgary: Canada’s most livable tech city solving global challenges. Ranked the third most livable city in the world where the Alberta prairies and Rocky Mountains meet, Calgary is home to innovators creating solutions to some of the world’s biggest challenges. Calgary Economic Development

• CBE launches digital pathways program, with internships and post-secondary courses. As many as 150 public high school students will be able to register for a unique information technology program in fall 2024, with access to internships and post-secondary courses well before they graduate. Calgary Herald

• Alberta’s tech sector remained resilient in first quarter of 2023. Venture funding in Alberta’s tech sector has grown for the third quarter in a row, defying the national downward trend and propelling the province ahead of Toronto and British Columbia in terms of dollars raised. Betakit

• Innovative organizations making their mark in Calgary. Meet these three impressive Calgary organizations. Calgary Herald

• Are you looking for a career opportunity? Or are you looking to advertise a position? Find the most up-to-date job postings on Economic Developers Alberta’s job board. Economic Developers Alberta

• Elsewhere on the Prairies: A big month for Winnipeg Tech. QDOC steals the show, Taiv launches content, and Conquest partners with Wealthsimple. Neo Financial

• Fluid Biomed Inc. announces world’s first implantation of polymer-based neurovascular stent in human patient. The medical device company’s flow-diverting stent is designed to treat brain aneurysms. Fluid Biomed

💡 POV: Ideas and Insights

• Panache Ventures Managing Partner Patrick Lor shares his stance on AI and the future of work. I don't think AI will take your job or kill your company. But…

• Rainforest Alberta’s Leaders, Innovators and Big Ideas podcast has a transparent conversation around women's experiences in the tech sector in Alberta. Women Role Models in Alberta Tech

• The Founder Mindset releases two new episodes with Alex Todorovic, co-founder & CEO of Arbor, and Alice Reimer, serial entrepreneur, mentor, advisor and CEO of Fillip. The Founder Mindset

• The Wing podcast explores how U.K.-based Lovingly Made Ingredients is helping meet consumer demand and need to sustainably feed a growing population and why they’re doing it in Calgary. Calgary Economic Development

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