Calgary commits $60M to OCIF, boosting local business growth, innovation, and job creation to strengthen the city’s economy and tech sector.
Opportunity Calgary Investment Fund (OCIF) receives significant funding to drive economic growth
The City of Calgary has committed $60 million in new funding to the Opportunity Calgary Investment Fund (OCIF) to help scale local businesses and foster innovation in the region. This initiative, which will draw $15 million per year from Calgary’s Fiscal Stability Reserve over the next four years, aims to accelerate the growth of local companies, attract top talent, and create long-term economic benefits for the city.
Key Objectives for OCIF’s New Funding
The newly approved funds will play a crucial role in scaling up Calgary’s existing businesses and supporting the development of local talent to meet the needs of these growing companies. As part of the agreement, OCIF will be required to provide annual progress reports that detail how the funds have been spent and the results achieved.
Brad Parry, CEO of OCIF and Calgary Economic Development, highlighted the critical link between talent and business growth. “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, emphasizing the importance of fostering a skilled workforce in the region.
OCIF’s Track Record of Success
Launched in 2018 with an initial $100 million pool, the OCIF has already seen impressive results. According to the organization, the funding has led to nearly $900 million in additional investments, created over 3,000 jobs, and resulted in the acquisition of more than 594,000 square feet of office space by local companies. This success has positioned Calgary as a growing tech hub in Canada, attracting both local and international companies.
Past recipients of OCIF funding include AI solutions provider AltaML, the venture creator Harvest Builders, the workplace travel platform LodgeLink, and venture studio Thin Air Labs. Even foreign companies like IBM Canada have benefited from OCIF funding to establish a presence in Calgary, further expanding the city’s growing tech ecosystem.
Expanding Calgary’s Tech Industry
The additional $60 million comes at a crucial time for OCIF, as the organization anticipates its remaining funds of $6.8 million will be depleted by the end of 2025. This new funding will enable OCIF to continue its work in attracting and retaining tech companies, startups, and talent in the city. The funding will also support Alberta Innovates, a provincial crown corporation that has launched several initiatives to foster growth in sectors like healthtech, AI, and cybersecurity.
According to recent data from Startup Genome, Calgary is becoming an increasingly important player in Canada’s startup ecosystem. The city was ranked alongside Montréal and Ottawa as one of the world’s top emerging startup ecosystems in 2024, while other Canadian cities like Toronto and Vancouver have seen a decline in their rankings.
The Future of Calgary’s Business Landscape
With the fresh funding, OCIF will continue to support Alberta’s growing tech sector and ensure that Calgary remains competitive on the global stage. The fund’s efforts are in line with a broader initiative to diversify the province’s economy, attract new talent, and position Calgary as a key hub for innovation.
Stay tuned to Maple News Wire for more updates on the Opportunity Calgary Investment Fund and the city’s efforts to strengthen its business and tech industries.
