APRIL 19, 2022
New CAD $10 million Edmonton based ScaleGood Fund powered by TELUS announced with first investment in Areto Labs
Venture capital fund created to invest in graduating companies of the TELUS Community Safety and Wellness Accelerator program that are delivering both a measurable social and strong financial return
EDMONTON – Today, the
ScaleGood Fund powered by TELUS
, a new $10 million venture capital fund based out of Edmonton, Alberta, was announced. Born out of the TELUS Community Safety and Wellness Accelerator (CSW)
, and in partnership with Edmonton Police Foundation, the fund has made its first investment in Areto Labs
, an Alberta-based company founded by three incredible female entrepreneurs. This social impact fund brings venture capital to global companies solving complex social issues in Edmonton with the promise of a strong financial return coupled with measurable social impact.“We are excited to be a part of the new ScaleGood Fund and see Areto Labs grow their business across Alberta. With TELUS’ commitment to social capitalism, and the innovative ideas coming from this accelerator to improve safety and well-being, some of the greatest challenges are finding solutions to support a friendlier future,” said Blair Miller, Vice-president Social Impact Ventures, TELUS.
The fund will have a rolling close with the first around CAD$5M in April 2022 and final close within 24 months or when CAD$10M reached, with a term of 10 years (extendible by two-one year extensions).
ScaleGood Fund’s lead investor is TELUS and the fund has very quickly gathered commitments from Canadians who want to play a role in influencing meaningful social impact, while also enjoying strong financial returns. The fund is remaining open to additional investors who share its values and want to make the world around them better.
The first investment in graduating company Areto Labs, allows them to scale quicker and have stronger long-term support so they can stay focused on their commitment to make digital communities more positive and inclusive. Areto Labs aims to help organizations globally in protecting their team members from digital bullies as well as reducing online hate.
“Being a seasoned investor with direct investments in more than 100 companies and in several funds, I’ve seen firsthand that it’s very much possible to get a strong financial return as well as a meaningful social impact. This fund has come together through investments in like-minded individuals, family offices, foundations, and corporations,” said Ashif Mawji, Managing Director of ScaleGood Fund LP. “Our first investment is a testament to our mission, and we strongly believe that Areto Labs will make a meaningful impact in the lives of all citizens and help reduce online hatred and cyber bullying, in addition to scaling and generating strong financial outcomes.”
This first investment was announced at the TELUS CSW Accelerator Demo Day on April 19, where 19 companies from more than six countries presented their business models to community members and investors. The TELUS CSW, powered by AlchemistX, is supporting tech companies (including social enterprises) using artificial intelligence and machine learning to develop apps or digital platforms that specifically provide a social, community or wellness benefit.
With the first cohort coming to a close, a second cohort will begin in September 2022 with applications accepted until August 1, 2022. Applicants from around the world that are interested in bringing their business to Alberta are encouraged to
apply here
.About the ScaleGood Limited Partnership Fund (powered by TELUS)
The ScaleGood fund is a venture capital investment fund with a social purpose whose objective is to achieve first-rate financial results and a measurable social impact. The fund is convinced that there are amazing companies out there that have the potential to generate exceptional financial returns and produce significant and measurable social impact. Investing between $25,000 and $200,000, the ScaleGood fund will help its portfolio companies maximize their growth by connecting them with potential customers, partners and investors around the world. Additional information can be found at
https://scalegood.ca/
. About the TELUS Community Safety and Wellbeing Accelerator
The TELUS Community Safety and Wellness Accelerator is sponsored by the Edmonton Police Foundation in conjunction with various partners including ATB Financial, TELUS, Motorola, University of Alberta, AMII, Edmonton Police Service and others. Through the use of a combination of data, artificial intelligence and machine learning, entrepreneurship, mentorship, domain expertise, funding, structured accelerator programs and other key ingredients to help to create successful impact investing, its mission is to help solve challenges in our community and create a sustainable model to help bring those solutions to the world. Being one of the first in the world to have this unique combination will allow the Community Safety and Wellness Accelerator to demonstrate the power of Albertans' social purpose. The Community Safety and Wellness Accelerator is funded by Alberta Innovates' Scaleup and Growth Accelerators program.
Learn more
.About the Edmonton Police Foundation
In support of the Edmonton Police Service, the Edmonton Police Foundation advances excellence and transforms community policing by raising funds and investing in those who support the achievement of excellence.
About AlchemistX
AlchemistX is the business and government services division of Alchemist Accelerator, a venture-backed accelerator focused on stimulating the development of early-stage companies that receive corporate funding. CB Insights ranked Alchemist as the best of the accelerators based on the average funding rates of its participants (YC was second). The main selection criteria for the Accelerator is on the teams, with priority given to the presence of outstanding technical co-founders. The organization offers founders a structured path to growth, fundraising, mentorship and community during a term program. Among the funders, there are many of Silicon Valley's largest companies and venture capital funds, including Khosla Ventures, DFJ, Cisco, GE, Next47 (Siemens) and Salesforce. LaunchDarkly, Rigetti Quantum Computing, mPharma, Matternet, and Mightyhive are among notable Alchemist alumni.
For more information, please contact:
Edmonton Police Foundation
Carla Howatt, Program Director
TELUS Community Safety and Wellness Accelerator
780-729-3935
[email protected]