Investment

Alberta Enterprise Corporation announces $31.2 investment into Albertan companies – Fort McMurray Today

Published

3 years ago

January 26, 2022

The Alberta Enterprise Corporation (AEC) has announced a $31.2 million investment into Albertan technology and health innovation companies to grow. AEC is an investment firm which from 2008 has received over $350 million from the Albertan government to then invest in venture capital funds; so, Alberta’s early-stage tech start-ups and entrepreneurs can access the money needed to fund their operational and administrative costs that exist when growing a new business.

AEC is investing this $31.2 million into three venture capital funds: Builders VC, Yaletown Partners’ Innovation Growth, and Amplitude Venture Capital.

This sizeable investment will help diversify the Albertan economy away from dependence on mining and energy production. According to the Canadian Venture Capital Association Market Overview for Q3 2021, Alberta already ranks 4 ^th , provincially, as Canada’s largest tech hub, calculated in terms of dollars invested and deal volume.

Moreover, as of Sept. 2021, Alberta had already surpassed the previous year’s amount of venture capital investment by 5.5%, in terms of dollars invested, and 20% for volume of deals made, setting 2022 on the path to be a record-breaking year.

This $31.2 million investment made by the AEC is part of the provincial government’s $175 million recapitalization of the AEC to make it a key component of Alberta’s post-pandemic economic recovery plan. In response to the investment announcement Doug Schweitzer, Minister of Jobs, Economy, and Innovation said, “Alberta continues to see exponential growth in venture capital investment, helping to solidify our province as a hub for technology and innovation.

We are building on this momentum by ensuring Alberta start-ups, including those with expertise in artificial intelligence, machine learning and other technologies, have access to the capital they need to grow. This investment will help our economy rebound and diversify while creating jobs for Albertans.”

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

1 week ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

2 weeks ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

2 weeks ago

October 10, 2024

Anne Joseph

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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