Venture capital heating up

Plus, "digitizing word-of-mouth"


Welcome to this week's Sunday Briefing. In this issue, read about venture capital in Alberta this year, plus 7 other stories you've probably missed. Have a great day. We'll see you again on Wednesday.

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The half-year in Alberta VC

Photo: Canadian Venture Capital and Private Equity Association

The Alberta tech funding ecosystem continues to heat up. Between January and July 2023, Alberta startups raised $406 million across 40 deals, according to the latest CVCA venture capital report. It ranked 4th among the provinces, behind Ontario, Quebec, and British Columbia. Ontario led all provinces with 133 deals worth $1.9 billion in the first half of this year.

In Q2 of 2023, Canadian companies raised $2.8B across 170 deals during the second quarter, which made it the second largest Q2 on record, only surpassed by Q2-2021. CVCA says this “represents a remarkable increase of 140% quarter-over-quarter (QoQ) and 45% year-over-year.”

“This quarter’s performance demonstrates that Canadian entrepreneurs are building solid companies,” said CVCA CEO Kim Furlong. ​“The increasing investment in the early stages underscores the commitment to building a strong pipeline of deals and serves as a testament to Canada’s vibrant culture of innovation. Despite economic challenges and uncertainties, the performance demonstrates that Canadian investors are looking ahead and staying the course, which is encouraging.”

Calgary Tech Journal covered many of this year’s local earlier-stage funding rounds, including the following five:

🗳️ Question of the Week

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🤝 Funding, Deals + Partnerships

  • Edmonton Unlimited receives $3 million in federal funding to establish the city’s newest innovation destination and expand inclusive programming for local entrepreneurs. The funding was instrumental in the construction of Edmonton Unlimited’s new space at 10107 Jasper Ave. Edmonton Unlimited


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📰 Need To Know

  • Calgary Tech Journal: Where innovators meet. Launched in 2022, Calgary Tech Journal (CTJ) strives to provide the most complete coverage of Calgary’s innovation ecosystem. Innovations of the World

  • This Calgary-based AI company is ‘digitizing word-of-mouth’ in the construction industry. Mercator AI is developing an early construction project detection tool for general contractors, building product manufacturers and real estate brokers. Toronto Star

  • Calgary’s Next Economy: ResVR is helping homebuyers visualize a home that hasn’t been built. The company offers a SaaS program that helps home builders deliver the vision of a new home with all of their upgrades. Livewire Calgary

  • Light might be the answer to our data security issues, quantum researcher says. UCalgary alum Jordan Smith and his team are developing an AI-resistant and quantum-secure cybersecurity solution to keep customer data safe from being decrypted. University of Calgary

  • The Future of Fintech: A Closer Look at the 2023 Top 12 Startups. Meet the startups competing for the 2023 Digital Commerce Calgary Fintech Award. Calgary Fintech Award

  • New Calgary course teaches students how to use AI as a business tool. The course aims to teach students how to use popular AI tools in real-life settings. CBC News

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