The Accelerate Fund provides a source of financing to early stage Alberta startups with validated concepts and a path to scalability, but aren’t quite ready to scale with an institutional Series A raise yet. Accelerate Fund investments, including into SamDesk, StellarAlgo, DrugBank, PayShepherd, Userful, Virtual Gurus and Helcim, are helping Alberta tech companies to expand their revenue and customers, expand their teams and graduate to the next rounds of funding. The fund also helps to foster the growth of Alberta’s technology sector and diversify the province’s economy.
The Accelerate Fund series was established by Alberta Enterprise Corporation to encourage more private capital investment into Alberta’s emerging technology sector. For startups to access Accelerate Fund investment, private angel investors need to be willing to invest equal or greater amounts into the investment round.
Accelerate Fund I
In 2012, Accelerate Fund I was launched with a $10-million capital allocation from Alberta Enterprise Corporation. The first fund was managed by AVAC Group.
Accelerate Fund II
In 2016, a second $10 million capital allocation from founding limited partner Alberta Enterprise Corporation created Accelerate Fund II. Fund II was managed by Yaletown Partners supported by The A100.
Accelerate Fund III
In 2020, a third Accelerate Fund was created, first with another $10 million capital allocation from Alberta Enterprise Corporation, then topped up with an additional $5 million to bringing Alberta Enterprise’s investment in the fund to $15 million. Then in November 2021, the Opportunity Investment Calgary Fund (OCIF) invested an additional $6 million, along with $2 million from private investors across Alberta, bringing the total Accelerate Fund III to $23 million.
Accelerate Fund IV
In 2024, a fourth Accelerate fund was created, with a $15 million anchor investment from Alberta Enterprise Corporation. The Fund is raising additional capital to support more companies, with a target of being at least the same size as Accelerate Fund III. Yaletown Partners continues to manage Fund IV, building on its successful track record with previous Accelerate Fund II & III.
The Accelerate Fund II, III & IV Team
Collaborators in Accelerate Fund II, III & IV
Yaletown Partners Fund Manager
Yaletown Partners is a leading Canadian venture capital fund manager that invests in the technologies digitally transforming traditional industries by prioritizing climate-resilient growth. Backed by leading institutional investors, including pension funds, and a network of successful technology entrepreneurs, Yaletown has offices in Vancouver, Calgary, Edmonton, Toronto, Montréal, and San Francisco.
Alberta Enterprise Corporation
Alberta Enterprise Corporation (AEC) promotes the development of Alberta’s venture capital industry by investing in venture capital funds that finance technology companies. AEC focuses on funds that have a strong commitment to Alberta – including a full-time presence in the province. In addition to financial capital, AEC supports Alberta’s venture capital ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share our passion for building a bright, innovative Alberta. We invest in venture capital funds covering a diverse range of forward-looking industries including information technology, energy and industrial technology, and life sciences.
In early 2012, Alberta Enterprise Corporation announced a new funding strategy designed specifically for pre-Venture Capital ready companies. The Accelerate Fund addresses the existing gap at this level of financing. The corporation’s investments in funds have generated more than five times the capital back into Alberta companies, and the investment value continues to grow incrementally. The Alberta Enterprise Fund is a strategic investment that continues to foster the growth of the technology sector and a diversified economy in the province of Alberta.
The Opportunity Calgary Investment Fund
The Opportunity Calgary Investment Fund (OCIF) is a $100 million fund, created from the City of Calgary’s existing reserve in 2018. It was originally created to diversify Calgary’s economy, and it has delivered on that mandate over the past five years.
Looking ahead to the next five years, OCIF is continuing to build a diversified and resilient economy by investing in projects that will accelerate innovation and equip working Calgarians with the skills they will need to succeed – this includes ensuring equity-deserving groups can effectively participate in Calgary’s economy.
It was really important for us to find partners within the Alberta ecosystem that could help us continue to grow here. Accelerate Fund was the obvious choice. The team’s guidance and outside perspective have been invaluable.
Accelerate Fund’s thorough due diligence and advocacy for PulseMedica not only helped us secure vital funding but also opened doors for additional investors.
We bootstrapped until we needed to fund more rapid growth. We got to know Accelerate Fund in the Edmonton tech community. We knew they were smart, connected, good people with a reputation for growing Alberta companies.
With their deep industry knowledge and guidance in supporting our team, Accelerate Fund III is the right-fit investor for us as we strive to build Alberta’s next unicorn.