Relay Ventures has received a $10m investment from Alberta Enterprise for its fifth fund, to support early-stage companies.
Founded in 2008, Relay has positioned itself as one of Canada leading independent VC fund managers.
The firm is presently investing out of its fifth fund which commenced in 2022. It has invested in more than 120 companies and successfully exited more than half through M&A and IPO.
Alberta Enterprise Corporation promotes the development of Alberta venture capital industry by investing in venture capital funds that finance technology companies.
Alberta Enterprise said it invested in Relay Ventures to support early-stage Alberta technology companies innovating in finance, real estate, sports and gaming as well as urban life. This is the second investment by Alberta Enterprise into Relay Ventures.
Through Fund V, Relay said it will provide seed and Series A funding to startups in industries with the high potential for growth, fuelled by the rapid adoption of technology.
They focus on four sectors: FinTech; urbantech to support better city life for citizens; property technology to enable new business models in real estate; and sportstech to transform how games are played, distributed, and consumed across sports, media, fitness and gaming.
Kristina Williams, CEO of Alberta Enterprise Corporation, said, ?Relay investments, and Irfhan personal passionate commitment to the local community, help to realize the growth ambitions of startups currently dominating Alberta evolving economy including fintech businesses. It is great to see Relay continuing to focus on Alberta as a vibrant technology economy and carrying on the growth momentum started with its last fund.p>
Nate Glubish, minister of technology and innovation, added, ?This investment further expands the capital and expertise available to startups that create jobs and diversify Alberta economy.
?Alberta Enterprise has a proven track record that for every dollar invested, more than five dollars comes back to Alberta tech companies and it exciting to build on that momentum. It another way were making our affordable, friendly province appealing to talented people and attractive to investors.p>
Earlier this year, Virginia-based Hubble Technology raised $9m in venture capital funding that was led by Paladin Capital Group.
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