Parliamentary secretary for small business and tourism Martin Long issued the following statement in response to the Canadian Venture Capital and Private Equity Association’s second-quarter report:
“Thanks to the Alberta government’s determination to diversify the provincial economy, attract investment, and create jobs, Alberta’s venture capital investment has continued its sustained, exponential growth.
“Alberta’s second quarter of 2022 saw 33 venture capital deals worth $70 million, building on our robust first quarter, which saw $411 million in investment. With 56 deals worth $481 million in venture capital investment in the first six months, we are on pace to shatter last year’s record of $561 million.
“Alberta’s 56 venture capital deals closed in the first half of the year puts us narrowly behind British Columbia’s 58 and gaining fast, with a 55 per cent increase in the number of deals closed quarter after quarter. This strong increase in early-stage deals sets the stage for Alberta-based start-ups to mature and attract greater investment.
“Both Edmonton and Calgary’s tech sectors are seeing significant growth. Calgary ranked as the fourth-highest city in the country for venture capital investment at 42 deals, only two behind Vancouver and five behind Montreal. Edmonton was fifth in the nation.
“Our continued increases in the amount of venture capital deals and investment send a strong signal to the rest of the country and the world that we are developing a robust innovation ecosystem. Alberta’s government has supported our emerging tech and innovation sector by increasing the number of incubators, accelerators, and organizations that support entrepreneurs to start, grow, and remain in Alberta.
“With most of Alberta’s venture capital investment going to seed or early-stage companies, I am confident that we are in a position to continue our phenomenal 2022 and see explosive company growth in the coming years.”