Alberta Enterprise Corporation has made its first capital placement since the Government of Alberta dedicated a new $50 million capital allocation in the autumn of 2015 – investing $5 million as a limited partner in the agriculture and food tech venture fund, Avrio Ventures III.
"Avrio has a history of investing in quality Alberta-based businesses,” said Kristina Williams, Alberta Enterprise CEO in a recent press release. “They are an active partner in building the VC industry locally and as such support the development of the provincial VC and technology sector – our main mandate at Alberta Enterprise."
The province of Alberta has been strengthening its food and agriculture industries, and Avrio’s investment focus in the technological developments associated with these sectors will support Alberta’s evolution from a commodity-based economy, to an economy that can embody and offer cutting-edge technologies that are the driving force behind the development of the agriculture, food, health and industrial sectors.
"We are delighted to have Alberta Enterprise back as an investor in our latest fund," says Aki Georgacacos, Co-Founder and Managing Parner of Avrio Capital in a recent press release. "Their support of innovation amongst food and agriculture companies is creating a significant cluster of Alberta based enterprises that are becoming leaders in addressing major global imperatives around food security, and sustainability."
In addition to committing capital, Avrio is active in the growth of its portfolio companies, providing resource and the support needed to shift a startup to a globally competitive operation. Avrio’s previous fund – Avrio II, invested in a range of Alberta-based start-ups and companies including Sulvaris and Baby Gourmet.
"Expanding access to capital is a part of the Government of Alberta's plan to create jobs and diversify the economy," said Deron Bilous, Minister of Economic Development and Trade. "This initial investment from the Alberta Enterprise Corporation will help entrepreneurs get their ideas off the ground and into the marketplace."