Alberta Posts a record year for venture capital investment

Alberta Posts a record year for venture capital investment

CALGARY, March 24, 2021 – The Venture Capital Association of Alberta (VCAA) and the Canadian Venture Capital and Private Equity Association (CVCA) are pleased to announce that Alberta posted a record year in 2020 for venture capital investment.  During 2020, 51 deals were completed, representing a total of $455 million in investment.  

The results in 2020 represent a 100% increase over 2019, with 2019 being the previous best year on record.  2019 had eclipsed other previous years by a margin of 40%.  During 2020, Alberta received over 10% of the $4.4B of total capital invested in Canada, which brings Alberta up to its near proportionate share of national financings, as measured against population.  Historically, Alberta has received substantially less than its proportionate share, yet we see encouraging signs of ecosystem maturation and associated deal volume increase. 

Large late-stage financings of Jobber and Symend helped Alberta secure two positions into Canada’s top ten list of deals. Jobber raised $76 million in venture capital, while Symend raised a $73 million Series B which was later followed by a Series B extension in 2021.   In terms of top Canadian cities to raise venture capital, Calgary secured the fourth position and Edmonton secured the sixth. In 2020, Alberta startups who raised equity financing employed 2,542 Alberta employees, with this funding supporting continued Alberta startup growth.   Alberta has the highest three-year average growth rate of total VC deal volume at 131% of the leading provinces of BC, Ontario and Quebec, even when mega-deals are included.   

“The Alberta venture capital industry is realizing phenomenal growth, thanks in large part to the work that has been done by committed stakeholders over the last decade,” commented Andrea Drager, Chair of the Venture Capital Association of Alberta. “Technology companies are increasingly able to access talent and capital to enable them to grow in the Province, and we continue to work on ensuring continued access to capital so that they build and stay here long term.” 

"Albertans are entrepreneurial at heart and are not afraid of risk," said Kim Furlong, Chief Executive Officer, Canadian Venture Capital and Private Equity Association. "The VC investment performance showcased in Alberta last year, during the height of the COVID-19 pandemic, proves that you come out the other side of a challenge stronger and more resilient. I am confident that under the right conditions, Alberta’s innovation ecosystem will continue to grow and create jobs and value for Albertans and Canada. This is how you transform your economy and these 2020 results are just the beginning.” 

About the Venture Capital Association of Alberta: (

The Venture Capital Association of Alberta is Alberta’s primary industry association for venture capital, private equity, angel investors and others interested in furthering the industry in Alberta.  The VCAA generates opportunities, events, and programs on behalf of our members, while encouraging dialogue among our members, and between the VC community and related industries and economic sectors through networking events and professional development. The VCAA also acts as an advocate for the industry and will work with various stakeholders to represent the interests of our member base. 

About the Canadian Venture Capital and Private Equity Association: (

Our Mission 

CVCA’s mission is to help our members fuel the economy of the future by growing the businesses of today. We do this by supporting and connecting a vibrant private capital industry with advocacy, research, and education.   

CVCA is also the nation’s ultimate resource for data on Canadian private capital investments. 

For more information or to arrange an interview, please contact:

Rebecca Giffen                                              Jon Jackson                                    

Executive Director                                        Head of Communications            

VCAA                                                              CVCA                                                          

(403) 681-9893                                             (416) 553-1142