The latest numbers from the Canadian Venture Capital and Private Equity Association (CVCA) show that Alberta attracted $140 million of venture capital in the first quarter, outpacing the $80 million invested in BC and putting it in third spot after Ontario and Quebec. Calgary attracted $84 million in investment and Edmonton $56 million.

The investment reinforces the emergence of Alberta as a tech hub (this topic is explored in detail in ATB’s new report An Innovation Revolution: How Alberta is Building the Future of Tech). The largest deal in Alberta was $52 million invested in Edmonton-based AI development company Nanoprecise.

At $50 million more than the same period last year, Alberta’s strong showing in the first quarter bucked a more muted performance in Canada as a whole.

According to CVCA tracking,* the amount of venture capital invested in Canada in the first quarter totalled $1.3 billion—consistent with the levels seen during the same quarter in 2023 and 2024, but down from 2021 and 2022 (see the chart below).

Commenting on the first quarter data, CVCA CEO Kim Furlong points to a “recalibration across the ecosystem” in which seed funding is harder to come by: “the persistent slowdown in preseed and seed-stage investments, now at levels not seen since 2020, is a signal we cannot ignore. These early investments are the pipeline for future growth.” Alberta ranked second for average deal size “as investors continue to concentrate capital in fewer, higher-value transactions.” As such, although Alberta’s performance to start the year is a sign of strength, sustaining higher levels of investment over time will require seed funding across many projects in addition to large deals with later-stage companies.

Our research suggests that Alberta’s tech ecosystem grew from the virtuous circle of talent and capital attraction, fostered by strong industry partnerships with non-profit organizations, post-secondary institutions, and government. This has helped the province increase its share of Canadian venture capital investment over the last decade. As Miranda Mantey argues in An Innovation Revolution: “The close-knit community [in Alberta], offering hands-on mentorship and easier access to seed capital compared to other regions, will continue to benefit Alberta’s tech companies.”

*The numbers are based on verified completed equity, quasi-equity venture capital and venture debt deals only (non-equity or project-based government funding, pharmaceutical development deals, venture capital-backed acquisitions, and angel financing are not included).

Answer to the previous trivia question: The U.S. exported over 4.1 million barrels per day of crude oil last year—a new record.

Today’s trivia question: When was the Ottawa-based e-commerce platform Shopify founded?