Visionaries can access resources to scale their projects to the size of their ambitions in Calgary.
The Opportunity Calgary Investment Fund (OCIF) has been investing in industry players that position Calgary as the location of choice for companies, capital and talent since 2018. A $100-million visionary initiative, OCIF was launched by the City of Calgary to make strategic investments that diversify and transform the economy.
“OCIF enables Calgary to seize opportunities for growth as we navigate changing economic conditions, nationally and globally,” Brad Parry, CEO, Opportunity Calgary Investment Fund, and President & CEO, Calgary Economic Development.
“The benefits go beyond each individual project, as OCIF investments multiply opportunities to enhance Calgary’s economic resiliency.”
In 2021, OCIF committed $6 million to Accelerate Fund III (AFIII). Launched by Alberta Enterprise Corporation (AEC) and managed by Yaletown Partners with the support of A100, AFIII supports fast-growing Alberta tech startups looking for early-stage funding.
To date, AFIII has invested in 13 forward-looking Calgary tech companies who are solving some of the biggest global challenges.
Connecting Calgary companies to capital
The third fund in the Accelerate Fund series, AFIII launched in 2020 with an initial $15 million from AEC. Combined with OCIF and other stakeholders’ investment contribution to Alberta-based startups, bringing the total fund to $23 million.
The Accelerate Fund Series plays a vital role in encouraging private investors to support local early-stage entrepreneurs by requiring matching co-investment from angel or private investors.
Access to funds available through organizations like OCIF and AFIII is critical for Calgary startups to be able to scale and create long-term prosperity and spurs opportunities for all.
Of the 18 Alberta companies AFIII has invested in, 13 are based in Calgary and include: Ambyint, Arolytics, Ontopical, Zamplo, WaitWell, Virtual Gurus, Helcim, Syantra, Gradient MSP, OpenHouse.ai, Kiwi Grocery, PayShepherd, and Simplicity Global Solutions.
Helcim executive team (L-R Nicolas Beique, Founder & CEO, Marjorie Junio-Read, CFO and Brett Popkey, CTO)
“When we provide access to capital and resources, we ensure that our tech companies stay and create high-value jobs for Albertans,” said Kristina Williams, President and CEO of AEC.
Virtual Gurus, a recipient of AFIII, now employs North America’s most diverse marketplace of remote virtual assistants. The company is also the largest virtual assistant company in Canada and the fourth largest in the United States.
Bobbie Racette, Founder and CEO of Virtual Gurus, emphasized that the AFIII funds helped the company fully transition into tech and AI, continue marketing growth and scale across Canada and the United States.
Racette also echoed that the connections she made in Calgary’s supportive business and tech community are unlike anywhere else.
“In Calgary, we give everyone a chance. Many new startups are forming right now, and we have the programs and systems in place to support them. Calgary's got the best tech ecosystem in Canada,” said Racette.
In 2023, Racette was awarded the University of Victoria’s Peter B. Gustavson School of Business 2023 Distinguished Entrepreneur of the Year.
Calgary emerges as a thriving innovation scene
Racette’s experience in Calgary’s supportive community isn’t just happening by chance. Building a thriving startup and tech ecosystem where companies can scale to global heights is a key driver in Calgary’s economic action plan, Uplook.
“Alberta companies will produce technology solutions to some of the biggest global problems,” said Williams. “Calgary’s growing tech sector and high quality of life are attracting talent and capital from across North America.”
Accelerate Fund III invests in Syantra
In 2024, Calgary’s startup ecosystem was valued at $8.1 billion by Startup Genome and placed among the top 50 emerging startup ecosystems in the world. As of Q1 2024, Calgary saw 16 venture capital deals valued at $88M – the fourth highest number of deals and the third highest investment volume nationally.
“Calgary has endless opportunities in the innovation scene because of the focus, community and entrepreneurial culture of the city,” said Arden Tse MBA, CEC, Investment Manager, Yaletown Partners.
“As the emerging tech market in Canada, we have so much runway ahead of us in Calgary – there's opportunity everywhere, and we need to consciously take advantage of this.”
Fostering a supportive and inclusive startup ecosystem
To remove barriers for entrepreneurs, OCIF investments prioritize projects that drive progress in Equity, Diversity, Inclusion and Accessibility and create inclusive solutions to global challenges.
For AFIII, creating an inclusive economy is also a priority.
“At Yaletown, responsible investing is a philosophy that is weaved throughout the firm. It isn’t just a line item - it is embedded in everything we do,” said Tse.
At Virtual Gurus, their mission is to create meaningful earning opportunities for traditionally underrepresented communities.
The company recruits talented remote assistants who may traditionally have faced barriers to employment, including First Nation, Métis and Inuit peoples, members of 2SLGBTQIA+ communities, racialized people, individuals of alternate abilities and those living in remote communities.
“Our mission is our North Star. We give work to underserved folks or those who have traditionally been left behind or told no. Our goal is to employ people without them having to leave their communities to find work,” said Racette.
“Over the last four years, we’ve helped 5,000 remote assistants find employment through our platform. Our goal is to continue scaling but never lose sight of our vision.”
With an inclusive and supportive ecosystem, Calgary is the city where everyone can build a meaningful life. It’s also the city that invests and gives back.
“Once you’re part of the ecosystem, you always want to give back. Every founder in our city is looking for ways to help early startups, and that’s where Calgary has been amazing,” said Racette.
Fueling economic diversity in the Calgary region
OCIF investments drive innovation and multiply opportunities to enhance Calgary’s economic resiliency.
AFIII was the first fund manager to receive funding from OCIF. Led by its team of venture capital experts, AFIII invests in startups across industries, including information and communications technology, energy technology, life sciences, agriculture and biotech.
Artificial intelligence (AI) and life sciences are emerging industries where Calgary companies are leading the way, due to a critical mass of skilled talent and collaboration between the private and public sectors.
“Having a combination of private capital, universities, research and science leads to more mature and successful technology cities. These are the ingredients that venture capital and tech are built on,” said Tse.
“Calgary has many researchers, scientists, talented young people and early-stage entrepreneurs of all ages that need support and funding."
As momentum builds, OCIF continues to find, fuel and foster organizations that contribute to economic resiliency in Calgary.
“Collaboration among organizations like the City of Calgary, Calgary Economic Development and OCIF support AFIII and the tech ecosystem. Together, we can build high-quality jobs and a strong future economy for our children,” said Williams.
To date, close to $84 million has been allocated to 30 projects, which has spurred ~$800 million dollars of investment, the creation, training and retention of ~2,900 jobs, and supported or started more than 800 local companies.
Visit the Opportunity Calgary Investment Fund page for more information on how its investments spur transformative economic development in Calgary.
About Alberta Enterprise Corporation
Alberta Enterprise Corporation (AEC) promotes the development of Alberta’s venture capital industry by investing in venture capital funds that finance technology companies. AEC focuses on funds that have a strong commitment to Alberta – including a full-time presence in the province. In addition to financial capital, AEC supports Alberta’s venture capital ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share our passion for building a bright, innovative Alberta. As of March 2024, AEC has committed CA 367million for investment to thirty-five venture capital funds including Accelerate Funds I, II and III, covering a diverse range of forward-looking industries including information technology, energy and industrial technology, and life sciences.
About Yaletown Partners
Yaletown Partners is a leading Canadian venture capital fund manager that invests in the technologies digitally transforming traditional industries by prioritizing climate-resilient growth. Backed by leading institutional investors, including pension funds, and a network of successful technology entrepreneurs, Yaletown has offices in Vancouver, Calgary, Edmonton, Toronto, Montréal, and San Francisco.
About A100
The A100 is a non-profit, member-funded organization of experienced tech founders and executives. Formed in 2010, A100 members are dedicated to helping drive lasting economic diversification by volunteering their time and energy to help grow the next generation of tech and innovation leaders.