EDMONTON — Telus Communications today announced the ScaleGood Fund, a new $10-million social impact investment venture capital fund based out of Edmonton.
The fund was created to invest in graduating companies of the Telus Community Safety and Wellness Accelerator (CSW) program, which is focused on supporting tech companies and social enterprises “using artificial intelligence and machine learning to develop apps or digital platforms that specifically provide a social, community or wellness benefit,” reads a Telus press release.
Telus is the lead investor in the ScaleGood Fund, which will have a first close around $5 million in April and a final close within 24 months or when $10 million is reached, the release says.
In partnership with the Edmonton Police Foundation, sponsor of the Telus CSW accelerator program, the ScaleGood Fund has made its first investment in Alberta-based Areto Labs, a female-led company that “aims to help organizations globally in protecting their team members from digital bullies as well as reducing online hate,” the release says.
“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,” Blair Miller, vice-president of social impact ventures at Telus, said in the release.
This first investment by the ScaleGood Fund was announced at the Telus CSW Accelerator Demo Day held today, where 19 companies from more than six countries presented their business models to community members and investors.
The Telus CSW program is powered by AlchemistX, the corporate and government services division of San Francisco-based Alchemist Accelerator, “a venture-backed accelerator focused on accelerating the development of seed-stage ventures that monetize from enterprises,” the release says.
With the first cohort of the Telus CSW program graduating, a second cohort will begin in September 2022 with applications being accepted until August 1, the release says.
For more information, please click here.
