Alberta grows tech sector, jobs
Alberta Enterprise Corporation has released the findings of its 2021 Alberta Technology Deal Flow Study revealing that Alberta is now home to more than 3,000 technology companies, a 233 per cent increase since 2012. The majority (58 per cent) are located in Calgary, with 30 per cent in Edmonton and almost 13 per cent in other regions of the province.
“Over the last two years we’ve seen record-breaking venture capital investment in Alberta and we have seen a tremendous increase in the number of technology companies since we first started measuring,” said Kristina Williams, CEO Alberta Enterprise Corporation. “These milestones demonstrate that our technology sector is resilient and has growth momentum. Investors are choosing to invest in Alberta’s founders and those women and men are successfully starting and growing innovative companies here.”
The Alberta technology industry is showing signs of maturity with almost 40 per cent of local tech companies surveyed exceeding revenues of $1 million, a 66 per cent increase since 2018. Over the last two years, the number of companies with 25 or more employees has increased by 12 percentage points up to 25 per cent. Fundraising is another key indicator of growth for technology companies, and almost a quarter of Alberta tech companies have raised Series A or later stage financing.
“It’s great to see more than double the number of companies identified in the 2021 Study. Alberta’s tech sector is maturing rapidly and it is now a real driver of employment and diversification. We don’t just want to be a player in Canada’s tech space — we want to become a dominant player going forward,” commented Doug Schweitzer, Minister of Jobs, Economy and Innovation.