Alberta’s fintech startups have a new potential investor and growth ally as AEC invests CAD$10M into Luge Capital’s Fund II, establishing a full-time Luge presence in Alberta.
EDMONTON, AB, Jan. 14, 2025 /CNW/ – Alberta Enterprise Corporation (AEC) announced that it has invested CAD$10 million into Luge Capital‘s CAD $93-million Fund II. The investment gives emerging Alberta fintech startups the opportunity to access capital and growth support from a team dedicated to building global fintech leaders. Luge is also establishing a full-time presence in Alberta with a new hire.
Luge Capital is an early-stage, fintech-focused venture capital firm with approximately CAD $180M under management across two funds. Luge leverages deep domain expertise and extensive industry insights to back the most promising fintech companies in Canada and the U.S. The firm’s investors include large financial and insurance corporations, which explore opportunities for partnership with the fintech companies that Luge supports.
“At a moment when financial services are being reshaped, we welcome Luge’s specialized expertise and investment to help Alberta’s fintech innovators achieve their global growth dreams,” said Kristina Williams, CEO at Alberta Enterprise Corporation. “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.”
“Some of Canada’s most successful fintechs are growing here in Alberta, and we want them to continue to scale and become global leaders,” said Nate Glubish, Minister of Technology and Innovation. “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.”
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. Alberta proved to have a quality pipeline of companies and Luge has already invested in two local fintechs: Edmonton-based HonestDoor and Calgary-based OneVest. To help Luge remain active in the local tech community, the firm has hired experienced investment manager, 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,” said Chelsea Gillett, Venture Investor at Luge Capital. “I’m very excited to collaborate with many more of Alberta’s startups, wearing my new Luge fintech hat.”
“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,” said 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.”
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 Luge Capital: luge.vc
Founded in 2018, Luge Capital is an early-stage, fintech-focused venture capital firm with approximately $180M under management across two funds. Luge leverages deep domain expertise and extensive industry insights to back the most promising fintech companies in Canada and the U.S. The firm’s strategic base of LPs includes large financial institutions, leading insurance carriers, and big pension funds.
SOURCE Alberta Enterprise Corporation
Editorial Contacts: AEC +1 587-402-6601, [email protected]; Luge Capital [email protected]
