In Calgary, companies and talent discover limitless opportunities for growth in a prospering investment environment with a robust support network.
In the first half of 2024, the Blue Sky City placed third among major Canadian cities in both venture capital (VC) dollars invested and number of deals, behind Toronto and Montreal.
Calgary saw $346 million invested through 33 deals through the first half of the year, according to the Canadian Venture Capital Association’s H1 2024 report, up $118 million and three deals over the same period last year. It's the first time Calgary has topped Vancouver ($178 million and 32 deals) in the rankings.
Access to capital strengthens Calgary’s innovation scene
Driven by a deep talent pool, world-class livability and a friendly business environment, local startups have resources to scale from Calgary.
Recent wins, including the recent data from CVCA, point to how the city continues to make a name for itself as the heart of the investment pipeline in Alberta — and increasingly across Western Canada as a whole.
“Calgary's growing prominence as a key player in the Canadian venture capital landscape reflects our city’s dynamic entrepreneurial environment and diversifying economy. Landmark deals showcase our city’s strength and our ability to attract significant investments," said Brad Parry, President and CEO, Calgary Economic Development (CED) and CEO, Opportunity Calgary Investment Fund.
“With top talent and investment converging in our innovation economy, we continue to see more local businesses scale up their operations, positioning Calgary as a leading destination for companies, capital and talent.”
Calgary is the investment powerhouse behind Alberta’s success, accounting for more than 80 per cent of the venture capital deals made and more than 90 per cent of the total amount of cash invested over the first half of the year.
The province’s largest deal so far in 2024 was by Calgary-based ClearSky Global, which raised $230 million from undisclosed investors. The investment was facilitated by Tailwind Ventures — also based in Calgary — which served as a financial adviser.
The cleantech firm is one of many Calgary-based energy companies investing in emissions-reduction solutions, which aligns the $61 billion opportunity identified in the Alberta Energy Transition Study on the path to net zero in the province.
Additionally, Calgary’s Helcim completed a successful $27-million Series B funding round earlier this year.
Community organizations, accelerators and venture firms support startups in Calgary
Calgary's impressive growth as a top Canadian venture capital hub highlights its role as a key player in the global innovation landscape.
In addition to a flourishing private capital environment, the Opportunity Calgary Investment Fund (OCIF), is a key funding tool that supports entrepreneurs and startups in Calgary. OCIF finds, fuels and fosters opportunities with the highest potential benefit to Calgary’s economic future, including world-class local incubators and accelerators like Thrive by SVG Ventures, Plug and Play Alberta and CDL-Rockies.
Since 2018, OCIF has allocated nearly $84 million to 30 projects, which has created or retained over 3,000 jobs, created or scaled over 800 companies and generated almost $900 million in economic activity — a 10 times return on funds committed.
Calgary’s supportive business network — with organizations like Platform Calgary serving as a community gathering space and resource hub — and ripe investment opportunities are among the reasons it was named among the world’s top 50 emerging startup ecosystems by Startup Genome earlier this year.
Growing talent pool drives innovative solutions
The city’s tech sector has more than tripled in recent years, contributing $8.1 billion in value to the Calgary economy between 2021 and 2023.
The city has the most STEM graduates and the highest concentration of high-tech workers of any major Canadian city. In 2023, Calgary's tech workforce exceeded 60,000 professionals after growing 26 per cent from the year prior, making us a premier destination for companies seeking top-tier talent.
As the fifth most livable city in the world, Calgary saw a population growth of almost 100,000 in 2023, bringing even more talent to an already deep and skilled workforce.
With a thriving tech sector, a growing population, and an environment ripe for investment, Calgary is more than just a city on the rise — it's becoming a central hub for the future of entrepreneurship and technological advancement.
Learn more about how the Opportunity Calgary Investment Fund is an effective tool ensuring Calgary's economy is diversified and resilient.