The Opportunity Calgary Investment Fund (OCIF) is dispensing $3.5 million from its new Express funding stream to help nearly two dozen Calgary-based businesses complete projects on a condensed timeline.
OCIF Express is meant to meet the urgent needs of small- and medium-sized businesses, aiming to provide companies with faster access to funding for urgent projects that can be completed in under two years. The new funding stream, which was fielding applicants this past fall, is partially supported by a $1.2-million contribution from the Government of Alberta.
“Through OCIF and the Express program, with expedited access to capital, we are striving to support the elements we need to ensure our city-wide innovation ecosystem continues to flourish,” OCIF CEO Brad Parry said in a statement.
FinTech startup ZayZoon, cleantech firm Carbon Upcycling, and data centre liquid cooling company CoolIT Systems are among the 23 recipients of OCIF Express. The program focuses on job creation and in-house training across various sectors, including data science, artificial intelligence (AI), clean energy, aerospace, and advanced manufacturing. OCIF said the funding is expected to create more than 150 jobs and train approximately 90 Calgarians.
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CoolIT Systems is receiving up to $385,000, the largest commitment from OCIF Express, to hire around 20 new team members to help the company meet rising demand for liquid cooling solutions in high-performance computing, including in artificial intelligence (AI). Carbon Upcycling, which uses captured carbon emissions in cement, is receiving only $33,750 for leadership training for key staff members.
ZayZoon received $250,000 from the funding stream to expand its presence in Calgary, enhance its platform, and hire 10 more employees. The hiring is in addition to the 100 employees ZayZoon added last year, co-founder Tate Hackert said in a statement. ZayZoon’s earned wage access (EWA) platform allows workers to receive a percentage of their wages before their employer’s set payday.
Launched in 2018 with a $100-million pool, OCIF was close to the end of its life before Calgary’s City Council approved $60 million in new funding earlier this month. Last week, OCIF also provided $1.5 million to The XPrize Foundation to help it establish the University of Calgary as its first international hub.
Feature image courtesy Ahmed Zalabany via Unsplash.