Canadian Manufacturing

Alberta Enterprise Corporation invests US$10M to scale startups across the province

Builders is an early-stage venture capital firm focused on investing where technology meets new business models in traditional sectors.

January 26, 2022   by CM Staff

EDMONTON — Alberta Enterprise announced on Jan. 25 that it has invested USD $10 million in Builders VC Fund II to support the growth of Alberta technology businesses focused on modernizing industries including real estate and construction, agriculture, healthcare and industrials. Builders co-led a $7.4 million Series A funding round for Calgary’s VEERUM, an investment from its prior fund, and recently announced a $2.5 million Seed funding round into Edmonton’s QuoteToMe from its Fund II.

“At the core of Alberta’s startup community are technology businesses that are stepping up the performance of industry, including energy,” commented Kristina Williams, CEO Alberta Enterprise Corporation. “With investment from Builders, these founders gain access to smart capital including an expert and well-connected team in San Francisco, and world-class local growth support from Mark and his team in Alberta.”

Builders is an early-stage venture capital firm focused on investing where technology meets new business models in traditional sectors. The firm is headquartered in San Francisco with offices in San Antonio and Calgary. With over USD $250M committed to their most recent Fund II, Builders believes there are significant openings for venture-backed technology companies to drive new capabilities and efficiencies in critical but under-invested industries such as energy, agriculture, real estate, health and manufacturing. This is Alberta Enterprise’s second investment in a Builders’ fund.

“There’s an incredibly strong fit between Builders and Alberta as the province witnesses an explosion of innovation in food and agriculture, industrials and manufacturing with a rich pool of talented innovators and investment opportunities,” said Blackwell, General Partner at Builders. “It is deeply personally rewarding to see the growth in the quality of investment opportunities being led by Alberta entrepreneurs.”

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“Alberta’s tech sector is thriving and continues to be a key driver of economic growth, diversification and employment in our province,” said Doug Schweitzer, Minister of Jobs, Economy and Innovation. “This investment will help Alberta Enterprise continue to lead the charge in giving local startups access to much-needed capital and expertise, creating jobs across Alberta.”