Premier Smith issues a mandate

Plus, the right support for Alberta entrepreneurs


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.

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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

What support do Albertan entrepreneurs need to start and scale their businesses?

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🤝 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


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📰 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

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