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avacgrp.com

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Investments

40

Portfolio Exits

4

Funds

2

About AVAC

AVAC (Alberta Value Added Corporation) is an Alberta-based private, not-for-profit company that invests in research initiatives and early stage commercial businesses that expand Alberta's value-added industry, with a particular focus on the agrivalue, renewable resource, ICT, life sciences and other industrial technology sectorsAVAC was created to grow agrivalue in Alberta with initial financial support of $35 million from the Alberta government in March 1997, and a federal commitment of nearly $10 million from the Government of Canada in 1998. A subsequent $10 million was advanced from Agriculture and Agri-food Canada in October 2005. The Ag Research Fund within AVAC was created in September 2005 upon the receipt of $24 million from the Alberta Government. Most recently, the new IVAC initiative was created with an additional $30 million from the Alberta Government.

AVAC Headquarter Location

220, 6815-8 Street NE

Calgary, Alberta, T2E 7H7,

Canada

403-274-2774

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Latest AVAC News

AVAC Group Ltd. Announces Passing of Former Chair, Dr. Robert Rennie

Aug 3, 2022

Author of the article: Article content CALGARY, Alberta — AVAC Group Ltd. (“AVAC” or the “Company”) is sad to announce the passing of its former Chair, Dr. Robert Rennie. Rob passed away peacefully at The Mazankowski Alberta Heart Institute with family by his side on July 26, 2022. We apologize, but this video has failed to load. Try refreshing your browser, or AVAC Group Ltd. Announces Passing of Former Chair, Dr. Robert Rennie Back to video Rob had been a director of AVAC since 2009; he had served as Chair from 2012 until his retirement in June, 2022. Rob was a visionary and inspirational leader who over the years assisted the Company to achieve the strong foundation on which it currently stands. Advertisement 2 Article content Dr. Alfred Sailer, current Chair, stated, “We will be forever grateful to Rob for his commitment to AVAC and its mandate to advance Canadian ag-tech. It has been a privilege for me and the other Board members to work alongside Rob. He will be greatly missed.” Warren Bergen, President of AVAC added, “I am saddened by Rob’s passing. He was a tremendous supporter of the Company and for that, we will always be appreciative of his impact here. The AVAC team offers our thoughts, prayers and support to the entire Rennie family at this time”. About AVAC Group: AVAC invests primarily as a fund-of-funds limited partner, and collectively we are entrepreneurs, investors, science and technology experts, company builders, and business drivers. Our management team is fully immersed in the entrepreneurial and venture capital profession across all technology domains. We apply our investment and operating experience and knowledge to match the challenge of advancing agriculture technology commercialization in Canada.

AVAC Investments

40 Investments

AVAC has made 40 investments. Their latest investment was in FanXchange as part of their Series B - II on August 8, 2017.

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AVAC Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/22/2017

Series B - II

FanXchange

$6M

Yes

3

8/1/2017

Series A - II

StackAdapt

$3M

Yes

7/1/2017

Series B - II

MMB Networks

$4M

Yes

2/24/2015

Seed VC

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$99M

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10

8/7/2014

Seed

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$99M

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10

Date

8/22/2017

8/1/2017

7/1/2017

2/24/2015

8/7/2014

Round

Series B - II

Series A - II

Series B - II

Seed VC

Seed

Company

FanXchange

StackAdapt

MMB Networks

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Amount

$6M

$3M

$4M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

3

10

10

AVAC Portfolio Exits

4 Portfolio Exits

AVAC has 4 portfolio exits. Their latest portfolio exit was FanXchange on April 11, 2019.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

4/11/2019

Acquired

$99M

2

1/25/2012

Acquired

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$99M

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0

3/7/2011

Asset Sale

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$99M

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0

12/1/2007

Acquired

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$99M

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10

Date

4/11/2019

1/25/2012

3/7/2011

12/1/2007

Exit

Acquired

Acquired

Asset Sale

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

Acquirer

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Sources

2

0

0

10

AVAC Fund History

2 Fund Histories

AVAC has 2 funds, including Accelerate Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

11/1/2012

Accelerate Fund

Early-Stage Venture Capital

Closed

$10.03M

1

Carrot Ventures Fund I

10

Closing Date

11/1/2012

Fund

Accelerate Fund

Carrot Ventures Fund I

Fund Type

Early-Stage Venture Capital

Status

Closed

Amount

$10.03M

Sources

1

10

AVAC Team

4 Team Members

AVAC has 4 team members, including current Chief Executive Officer, President, Michael Raymont.

Name

Work History

Title

Status

Michael Raymont

Chief Executive Officer, President

Current

Warren Bergen

Alberta Deal Generator, and Unisource

President

Current

Ross Bricker

Chief Executive Officer, President

Former

Michael Raymont

The Westaim Corporation, and University of Calgary

President

Former

Name

Michael Raymont

Warren Bergen

Ross Bricker

Michael Raymont

Work History

Alberta Deal Generator, and Unisource

The Westaim Corporation, and University of Calgary

Title

Chief Executive Officer, President

President

Chief Executive Officer, President

President

Status

Current

Current

Former

Former

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