TLDR:
- Edmonton tripled venture capital investment in 2023, reaching $188 million in 21 deals.
- Provincial officials highlight Alberta’s strong momentum in the tech sector, outpacing national and global investment trends.
Provincial officials have announced that Alberta’s tech sector, particularly in Edmonton, has experienced significant growth in venture capital investment in 2023. Despite declines in global and national investment, Alberta has maintained its position as a strong tech market, with Calgary ranking 12th globally for tech ecosystem growth. The province’s five-year growth rate for venture capital investment reached 48.5%, significantly higher than Canada’s average. This growth has led to over $2.7 billion in funding for Alberta technology companies, creating thousands of jobs.
Edmonton saw a 324% increase in venture capital investment from 2022 to 2023, reaching $188 million over 21 deals. Alberta captured 10.3% of investment dollars and 13% of venture capital deals in Canada. The government credits local innovators and ongoing support for driving this growth, positioning Alberta as a prominent player in the tech industry. Partnerships with organizations like Platform Calgary aim to connect startups with investors to fuel further growth.
The government emphasizes Alberta’s growing market for technology and innovation, celebrating its steady contribution to the economy. The fourth quarter of 2023 saw a 35% increase in venture capital investments and a 19% increase in closed deals compared to the previous quarter. With a focus on securing Alberta’s place as a top destination for tech businesses, officials are optimistic about the province’s future in the tech industry.
