Premier Smith issues a mandate

TOGETHER WITH

Welcome to this week's Sunday Briefing. In this issue, read about recent VC investments into innovative Alberta startups, plus 10 other stories you've probably missed. Have a great day. We'll see you again Wednesday.

P.S. Did someone forward you this email? You can subscribe right here. And for real-time updates, follow us on Twitter and LinkedIn.

In June, seven Alberta tech startups secured the bag

According to data from Start Alberta, seven Alberta tech startups raised significant sums of capital last month.

• GeologicAI ($20M Series A) – analytics for the mining industry.

• Highwood Emissions Management ($3M Seed) – greenhouse gas emission reduction solutions.

• Dealcloser ($2.5M Seed) – a platform to automate manual tasks and workflows in the legal profession.

• Eavor Technologies Inc. ($36.7M Series B) – geothermal power generation technology.

• MACH32 – drug-delivery devices and solutions.

• Acceleware Ltd. ($2M Private Placement) – clean-tech enhanced heavy oil recovery technology.

• OneVest ($17M Series A) – wealth-as-a-service platform.

According to the head of Alberta Enterprise Corporation, demand for venture capital dollars in Alberta will reach eleven figures over the next decade.

“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 will probably be $11 billion,” said Kristina Williams, president and CEO of AEC, at the recent Venture Capital and Innovation Summit in Vancouver.

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

Alberta companies raised $729 million in 2022, per data from CVCA.

🗳️ Question of the Week

SPONSORED

Discover the World this Summer with Babbel

Experience the world through a whole new language this summer. With Babbel, you'll gain the confidence to communicate at any destination you visit. Our expert linguists have designed lessons that focus on real-world conversations, ensuring you're ready to connect with people wherever your travels take you.

Learn a language in bite-sized lessons and get up to 55% off today!

🤝 Funding, Deals + Partnerships

• Adidas and Calgary-based Oco make shoes with ink using captured carbon emissions. Oco takes the solid powder created from its parent company Carbon Upcycling Technologies’ carbon sequestration process and markets it to brands looking to improve their environmental footprint by incorporating captured carbon material into their products. CBC News

• WaitWell secures $1.5 million in Seed funding to accelerate expansion into U.S. markets. The Calgary-based provider of service optimization products, gains new funding to further expand into new U.S. market and enhance its platform. WaitWell Inc.

• Meet the seven Alberta startups and scaleups that raised capital in June. Start Alberta provides for the most current data on Alberta tech investments and deal flow. Start Alberta

• Fintech Showdown: Introducing the Top 25 Contenders for the Digital Commerce Calgary Fintech Award. These companies have risen above the competition and secured their spot to compete for over $300,000 in non-dilutive cash. Calgary Fintech Award

• Silicon Valley startup Teknol expands footprint to Alberta to invest in the future of learning. The expansion will bring $12.5 million and 125 new jobs over three years. Invest Alberta

SPONSORED

Your capital on your schedule.

Using Easly Advances, our customers tap into investment tax credits, like SR&ED and IDM, as they accrue, receiving cash on their schedule throughout the year rather than in an annual lump sum.

Easly has deployed more than $140M to innovative Canadian companies since we began lending in 2019.

Get tomorrow's refund today with Easly Advances > See what our customers have to say

📰 Need To Know

• Minister of Technology and Innovation mandate letter. Premier Danielle Smith has issued a mandate letter to Minister of Technology and Innovation Nate Glubish calling on him to support the growth of Alberta’s technology sector. Province of Alberta

• How matching Alberta entrepreneurs with the right support to start and scale their businesses can be improved. An 18-month exploratory study conducted across the Alberta Innovation Network (AIN) identified and prioritized a set of actionable insights to support entrepreneurs. Mount Royal University

💡 POV: Ideas and Insights

• Dr. Breanne Everett, founder and CEO of Orpyx, on swapping a medical career for entrepreneurship and parenting while raising capital on the Founder Mindset

• Grant Lahring, co-founder of Goodlawyer, on what’s driving the company’s growth.

How did we do?