Calgary’s City Council has approved $60 million in new funding for the Opportunity Calgary Investment Fund (OCIF) in a bid to foster economic growth.
The plan will draw $15 million per year in non-repayable funds from the city’s Fiscal Stability Reserve. Part of Calgary Economic Development, OCIF will have to provide yearly progress reviews to receive each slice of the new fund.
“How do we make sure we have the talent to allow those companies to scale, which is part of our thesis going forward?”
Brad Parry
CEO, OCIF
This includes details of where the money has been spent as well as the net results.
OCIF CEO Brad Parry (also the chief of Calgary Economic Development) claimed in a chat with Livewire Calgary that the investment would help scale companies and foster innovation by developing local talent.
“How do we make sure we have the talent to allow those companies to scale, which is part of our thesis going forward?” Parry said.
OCIF launched in 2018 with a $100 million pool. The organization claims the funding led to almost $900 million in further investments, created over 3,000 jobs, and led companies to acquire over 594,000 square feet of office space.
Some past technology-related recipients include the AI solutions provider AltaML, venture creator Harvest Builders, workplace travel platform LodgeLink, and venture studio Thin Air Labs. Foreign companies with a Canadian presence, like IBM Canada, have also drawn from OCIF to open offices in Calgary.
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The additional money comes at an important time for OCIF, as the fund projects that its remaining $6.8 million will run out by the end of 2025.
OCIF is part of a broader campaign to support Alberta’s tech industry. Provincial crown corporation Alberta Innovates has launched multiple programs to spur growth in sectors ranging from healthtech to AI research. Alberta has also offered grants to cybersecurity giant Fortinet and other foreign companies to set up shop in Calgary.
Data suggests the prairie city has become a hotbed for Canadian tech. In 2024, Startup Genome reported that Calgary joined Montréal and Ottawa in gaining ground as some of the world’s top startup ecosystems while Toronto and Vancouver slipped in their rankings.
Feature image courtesy of Patrik Jensen on Unsplash.