Alberta Enterprise Corporation invests $10m in McRock Capital Fund III to support early-stage tech startups
Alberta Enterprise Corporation (AEC), has invested $10 million into McRock Capital Fund III, to support the growth of early stage Alberta companies focused on digital transformation of industrial sectors. Alberta Enterprise is joined in Fund III by institutional investors including Export Development Canada and industry leaders including Bell Ventures, CIBC Innovation Banking and AspenTech.
Kristina Williams, CEO, Alberta Enterprise Corporation: "Alberta is home to global talent in machine learning, and is a leader in building technologies for operating efficient and clean industrial businesses. More than 50 percent of Alberta startups develop industrial software for energy, mining and other industries, and McRock investment will help our most promising companies to grow and compete globally."
The $81 million McRock Fund III is the firm's third fund with a Digital Industrial innovation focus, and the third McRock fund in which AEC is an investor. Fund III will invest in scaling industrial software businesses across North America and Europe, which McRock views as the next growth frontier for the technology industry. McRock's earlier Digital Industrial investments in Alberta include Decisive Farming which was acquired by Telus in 2019, and Edmonton-based critical event alerting company, samdesk. With Fund III, McRock will provide further growth opportunities to Alberta industrial software businesses through their expertise and network of industrial companies seeking acquisitions.
Ha Nguyen, Partner, McRock Capital: "Since 2012, McRock has been trailblazing digital transformation for major industries. Alberta's high-growth tech ecosystem and leadership in software, AI and sustainability are central to McRock's long-term vision to be the global leader in Digital Industrial and Industrial Software. We're thrilled that Alberta Enterprise shares our vision and continues to partner in our impact."
McRock has a strong presence in Alberta. The firm's Co-founder Whitney Rockley is the Advisory Board Chair with Haskayne School of Business in Calgary, Board Chair of samdesk, and the former Board Chair for Decisive Farming, also in Alberta. McRock Partner, Ha Nguyen, is based in Calgary and is a long-serving board member with the Venture Capital Association of Alberta (VCAA) and Chair of the Audit Committee for samdesk. She's also co-founded two local tech ecosystem organizations: the Alberta Female Founders, Funders and Fortifiers (ABF4) and Migr8.
Nate Glubish, Minister of Technology and Innovation, Government of Alberta: "Alberta continues to attract vital capital and record levels of talent as we build our reputation as a cost-effective hub for tech startups seeking to make their mark in North America. This latest investment by AEC continues to support the growth of local technology companies advancing industry, which both strengthens and diversifies our economy."
