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Alberta is now home to more than 3,000 technology companies, a 233 per cent increase since 2012, according to a new report.
The report conducted by Alberta Enterprise Corp. in partnership with PwC also shows that Alberta’s tech sector, once made up largely of early-stage startups, is showing signs of maturity. According to the report, almost 40 per cent of tech companies in the province now have annual revenues of more than $1 million, a 66 per cent increase since 2018. Over the past two years, the number of tech companies with 25 or more employees has increased by 12 percentage points to 25 per cent.
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Inovia Capital raises $450 million Growth Fund II to find another Lightspeed
Inovia Capital has raised $450 million USD for its second growth stage fund as the Montréal-based venture firm aims to build on its success with Lightspeed and create more Canadian unicorns.
The new fund exceeds Inovia’s target raise of $400 million and brings the firm’s total capital under management to more than $1.5 billion USD.
Growth Fund II comes a short two-years after Inovia raised its first growth fund of $400 million USD. That fund made significant investments in a number of companies, including Montréal-based Lightspeed.
“The growth fund benefits 100 percent from what we’ve built over the last decades.”