Investment in Alberta's Tech Sector is Soaring Considerably

Investment in the tech sector of Alberta is soaring with time. Many Calgary-based tech companies plan to hire more people and expand their office space. Through the first half of 2022, Alberta has attracted nearly US$ 500 million in investment.

In a statement, Nic Beique, the founder of Calgary-based Helcim, said, "We're growing very, very quickly." His company offers online payment services for small businesses across Canada and the United States. He also stated, "We've doubled our business in the past six months alone, so our investors are already quite happy with that progress."

Beique also mentioned that his company grew by 400% last year. The employee strength also grew from 80 to 145. About one hundred new recruits are expected to join the company by the end of next year. He said, "My long-term goal is to build an anchor tenant in the Calgary tech scene. So, when people think about Calgary, they think about Helcim … the way Shopify was able to do that with Ottawa, where they really kind of put them on the map for tech. I want to do that in Calgary as well."

Mphasis’ Expansion Plans

Global tech firm Mphasis has also opened an office in Calgary and plans to create 1,000 jobs. The company recently received US$ 16 million in venture capital funding from Toronto and New York investors.

Tech Sector Boom

Alberta's tech sector got US$ 268.6 million in venture funding in the second quarter alone. A year back, just US$ 16 million was raised in the same quarter.

Hirings Are Rising

The hirings are also rising in the current scenario, and companies like Virtual Gurus that provide other businesses with virtual assistants are getting a lot of attention. Virtual Gurus had five employees but now has forty. This number might be doubled by the end of the year. Margaret Glover-Campbell, the company's chief operating officer, said, "We're looking at expanding upstairs in order to facilitate that growth," said.

New Funding Sources

Zayzoon, a Calgary-based startup that offers people early access to their earned wages, has partnered with approximately 3,000 businesses in the U.S. and recently raised US$ 25.5 million in funding to help it expand. The company already has seventy employees and plans to hire fifteen more by the end of 2022.

One of the company's key investors is ATB Financial, which the Alberta government owns. Tate Hackert, a company founder, highlighted that ATB's support is a boost for his company and the city. He said, "It's just such a great story for Calgary. It just shows that there is more to invest in here than oil and gas, and we're really looking forward to being part of that success story, right?"

Rise of Crypto

Alberta's minister of Jobs, Economy, and Innovation, Doug Schweitzer, wants to boost the cryptocurrency industry. The province aims to embrace digital token mining and all other crypto-related endeavors to help diversify its economy. The minister stated, "When you take a look at the whole decentralized finance space, crypto, you know, this area is not going away. We know what's going to be here long term."


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