Alberta Enterprise Corporation and BDC Capital announced LP investments in US VC firm Builders VC‘s Fund I just before the new year. While investment amounts were not disclosed, SEC filings from June put Fund 1 at just over $115.5 million USD, more than half of the fund’s $200 million USD target.
Builders VC Fund 1 will invest in North American Series A stage startups in sectors including healthcare, agriculture, industrials, and real estate. The firm has offices in San Francisco and Chicago, while the Canadian operations will be managed by new partner Mark Blackwell, who will lead Builders VC’s Alberta and Canadian efforts from Calgary. Blackwell comes to Builders via SolarWinds, which acquired GSN3 Technologies, where Blackwell was COO.
“Builders VC is a strong fit with the Alberta Enterprise investment objectives. They have a compelling investment thesis that focuses on early-stage venture funding in companies that are applying groundbreaking technology solutions to help longstanding industries like energy, agriculture, real estate, and construction improve the way they operate,” said Kristina Williams, the CEO of Alberta Enterprise Corporation.
Builders VC has already been actively investing in the province; this past summer the firm closed two Alberta-based investments in Ambyint and Veerum, respectively. Builders hosted an official opening for its Calgary office, located in The Edison, in December.