McRock Capital Corporation has held US $85 million close for McRock Fund III.
Limited Partner (LP) investors include Alberta Enterprise Corporation (AEC), Export Development Canada (EDC), Bell Ventures, CIBC Innovation Banking, AspenTech, and others. AEC, a Fund II LP, invested US $10 million in Fund III.
Fund II LPs, BDC Capital, Cisco Investments, HarbourVest Partners and Shell Ventures were not among the disclosed LPs.
Fund III is managed by general partner, McRock Fund III GP, and an affiliate.
Fully owned by Scott MacDonald and Whitney Rockley, McRock Capital is focused on the intersection of data and software in large industrial markets and smart cities. The funds invest in North America and Europe.
McRock Capital Funds
McRock Fund III LP (vintaged 2023) US $85M
McRock Fund II LP (vintage 2018) CDN $112M
McRock iNFund LP (vintage 2013) CDN $70M
Image by Gerd Altmann from Pixabay
News Release
Alberta Enterprise Corporation invests US$10 million into third McRock industrial innovation fund
AEC invests US$10M into McRock Capital US$81M Fund III, continuing to support the growth of early-stage Alberta’s industrial technology businesses.
EDMONTON, AB, June 5, 2024 /CNW/ – Alberta Enterprise Corporation (AEC) announced today that it has invested US$10 million into McRock Capital Fund III to support the growth of early stage Alberta companies focused on digital transformation of industrial sectors. Alberta Enterprise is joined in Fund III by institutional investors including Export Development Canada and industry leaders including Bell Ventures, CIBC Innovation Banking and AspenTech.
“Alberta is home to global talent in machine learning, and is a leader in building technologies for operating efficient and clean industrial businesses,” commented Kristina Williams, CEO, Alberta Enterprise Corporation. “More than 50 percent of Alberta startups develop industrial software for energy, mining and other industries, and McRock investment will help our most promising companies to grow and compete globally.”
The US$81 million McRock Fund III is the firm’s third fund with a Digital Industrial innovation focus, and the third McRock fund in which AEC is an investor. Fund III will invest in scaling industrial software businesses across North America and Europe, which McRock views as the next growth frontier for the technology industry. McRock’s earlier Digital Industrial investments in Alberta include Decisive Farming which was acquired by Telus in 2019, and Edmonton-based critical event alerting company, samdesk. With Fund III, McRock will provide further growth opportunities to Alberta industrial software businesses through their expertise and network of industrial companies seeking acquisitions.
“Since 2012, McRock has been trailblazing digital transformation for major industries,” said Ha Nguyen, Partner at McRock. “Alberta’s high-growth tech ecosystem and leadership in software, AI and sustainability are central to McRock’s long-term vision to be the global leader in Digital Industrial and Industrial Software. We’re thrilled that Alberta Enterprise shares our vision and continues to partner in our impact.”
McRock has a strong presence in Alberta. The firm’s Co-founder Whitney Rockley is the Advisory Board Chair with Haskayne School of Business in Calgary, Board Chair of samdesk, and the former Board Chair for Decisive Farming, also in Alberta. McRock Partner, Ha Nguyen, is based in Calgary and is a long-serving board member with the Venture Capital Association of Alberta (VCAA) and Chair of the Audit Committee for samdesk. She’s also co-founded two local tech ecosystem organizations: the Alberta Female Founders, Funders and Fortifiers (ABF4) and Migr8.
“Alberta continues to attract vital capital and record levels of talent as we build our reputation as a cost-effective hub for tech startups seeking to make their mark in North America,” said Nate Glubish, Minister of Technology and Innovation. “This latest investment by AEC continues to support the growth of local technology companies advancing industry, which both strengthens and diversifies our economy.”
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 March 2024, AEC has committed C$367 million for investment to thirty-five venture capital funds, covering a diverse range of forward-looking industries including information technology, energy and industrial technology, and life sciences.
About McRock Capital: McRockCapital.com
Co-founded by Scott MacDonald and Whitney Rockley in 2012, McRock Capital is the first dedicated Digital Industrial venture capital fund manager, focused on the intersection of data and software in large industrial markets and smart cities. The funds invest in North America and Europe. The McRock team lives in the unique intersection of building high-growth Industrial SaaS companies and deep domain experience in the power, water, and oil and gas industries. McRock is backed by several leading institutional investors and global corporations including Cisco Systems, Caterpillar, Shell, Mitsubishi, AspenTech, and Bell.
SOURCE Alberta Enterprise Corporation
For further information: Editorial Contact: +1 587-402-6601, info@alberta-enterprise.ca