The Alberta Enterprise Corporation today announced that it has invested $10 million into Luge Capital’s $93-million Fund II.
The investment targets emerging Alberta financial technology startups, granting an opportunity to “access capital and growth support from a team dedicated to building global fintech leaders.”
The move comes “at a moment when financial services are being reshaped,” according to Kristina Williams, who serves as chief executive officer of Alberta Enterprise.
“We welcome Luge’s specialized expertise and investment to help Alberta’s fintech innovators achieve their global growth dreams,” said Williams. “Fintech companies make up a significant component of our burgeoning tech sector, and we look forward to witnessing the positive impact the Luge team will have.”
Luge Capital is an early-stage, fintech-focused venture capital firm with approximately $180M under management across two funds.
As part of the strategy, Luge is establishing a full-time presence in Alberta supported by a new hire: seasoned investor Chelsea Gillett.
“As someone active in Alberta’s technology community, I’ve had the opportunity to meet many promising fintech founders and learn about their vision to shape technology that touches every area of people’s lives, from personal finance to large corporations’ business practices,” stated Gillett. “I’m very excited to collaborate with many more of Alberta’s startups, wearing my new Luge fintech hat.”
Alberta has been identified as “a strong region of interest” for Luge, showing “real promise to develop into a high-performing fintech hub in Canada.”
Indeed, the venture capital firm has already invested in two local fintechs: Edmonton’s HonestDoor and Calgary’s OneVest, both of which have graced the pages of Calgary.tech and Fintech.ca.
“Luge is dedicated to fostering the next wave of fintech innovation and we’re thrilled to have a front-row seat in Alberta’s vibrant community,” added David Nault, General Partner at Luge Capital. “With AEC’s investment, we’re eager to support Alberta’s fintech entrepreneurs and help them build impactful companies that benefit the entire financial ecosystem.”
“Some of Canada’s most successful fintechs are growing here in Alberta, and we want them to continue to scale and become global leaders,” stated Nate Glubish, who functions as Minister of Technology and Innovation for the Province. “This latest investment by AEC helps ensure ambitious startups reshaping banking, insurance, and financial services can continue to grow and see Alberta as their home.”
AEC has committed $415 million for investment to 39 different venture capital funds across a range of industries.
With roots in Toronto and Montreal, Luge Capital was founded in 2018.
Leave a Reply