Alberta Enterprise Corporation invests $5 million into Pender Ventures Fund II

AEC expands investment options for Alberta's B2B enterprise technology startups with $5M investment into Pender Ventures' second fund.

EDMONTON, AB, Jan. 16, 2025 /CNW/ - Alberta Enterprise Corporation (AEC) announced today that it has invested CAD $5 million into Pender Ventures' CAD $100-million Pender Technology Inflection Fund II to expand access to early-stage capital for technology businesses and health technology startups in Alberta. Pender Ventures has also established a full-time presence in the province, with a new team member in Calgary.

Launched in 2018, Pender Ventures is a venture capital firm focused on business-to-business (B2B) and health technology companies at the inflection point between commercialization and scale. Pender Ventures is led by Managing Partner Maria Pacella, who began her career in mergers and acquisitions and became active in the Canadian early-stage ecosystem in 2000. The Pender Ventures team contributes decades of experience and operational and strategic value to companies chosen for investment.

"Two-thirds of Alberta's startups focus on health and life sciences or B2B information technology which aligns directly with the focus of Pender Ventures," commented Kristina Williams, CEO, Alberta Enterprise Corporation. "With their team local in Alberta, our startups gain direct access to experienced investors with diverse perspectives that can provide a true growth advantage." 

"Alberta is putting itself on the map in the tech sector, nationally and internationally, especially in business and health technologies," said Nate Glubish, Minister of Technology and Innovation. "This investment by AEC gives Alberta's promising B2B startups more access to the capital and expertise needed to best compete and scale."

Pender Ventures is active in the Alberta technology community, and invested in Edmonton's DrugBank with the firm's first investment fund. To build on that presence, the firm has hired Jacob Grainger as a Calgary-based Associate. Jacob was most recently a Senior Ventures Associate at Plug and Play Alberta, where he led a team and guided strategic investments in healthcare technology. Prior to that, Jacob co-founded Bloom Bioworks Inc., where he spearheaded financing efforts and operational strategies for a synthetic biology startup.

"Our team has always respected the entrepreneurial Alberta culture and we're happy to be here full-time to get even more involved in the local community," said Maria Pacella, Managing Partner at Pender Ventures. "With this fund, and investment from AEC, we are dedicated to empowering Canadian entrepreneurs to scale their businesses, drive innovation, and make a positive impact on a global scale."

About Alberta Enterprise Corporation: alberta-enterprise.ca

Alberta Enterprise Corporation (AEC) promotes the development of Alberta's venture capital industry by investing in venture capital funds that finance technology companies. AEC focuses on funds that have a strong commitment to Alberta – including a full-time presence in the province. In addition to financial capital, AEC supports Alberta's venture capital ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share our passion for building a bright, innovative Alberta. As of December 2024, AEC has committed C$415 million for investment to thirty-nine venture capital funds, covering a diverse range of forward-looking industries including information technology, energy and industrial technology, and life sciences.

About Pender Ventures:  penderventures.com

Pender Ventures is a thesis-driven venture capital investor focused on B2B software and health tech startups at the inflection point between commercialization and scale. As hands-on, high-conviction investors, Pender Ventures' diverse team leverages decades of experience to add operational and strategic value to its portfolio companies.

SOURCE Alberta Enterprise Corporation

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