CALGARY,
AB, June 20, 2024 /CNW/ - The Opportunity
Calgary Investment Fund ("OCIF") will provide up to $400,000 over 28 months to Platform Calgary for
the National Bank Investor Hub to unlock capital for
underrepresented Calgary-based
founders. The National Bank Investor Hub helps broaden the city's
investor pool and creates more opportunities for Calgarians to
build their companies.
This investment will be used to engage and educate up to 40
investors and connect them to Calgary startups. The Investor Hub will
provide targeted support to microfunds that focus on investing in
early-stage, Calgary-based
startups led by underrepresented founders and/or with missions
centred on equity, diversity, inclusion and accessibility
(EDIA).
"Calgary is a thriving tech and
innovation hub, with momentum continuing to build thanks to our
welcoming and inclusive startup and business community. Together,
we are creating a city where every Calgarian's dream can find the
support it needs to become a reality," said Calgary Mayor Jyoti
Gondek.
The National Bank Investor Hub is a point of entry to
Calgary's early-stage tech sector
for investors and a place for startups to connect with these
investors. Located at the Platform Calgary Innovation Centre, the
Investor Hub will engage investors through education and connection
opportunities, including pitch and networking events, educational
programming, coaching and more.
"OCIF is one of the most effective tools Calgary has to help ensure our economy is
diversified and resilient," said Brad
Parry, CEO, Opportunity Calgary Investment Fund and
President and CEO, Calgary Economic Development. "This investment
will help Calgary startups access
capital sooner, reduce barriers for new investors to enter
Calgary's innovation scene and
create more opportunities for Calgarians to achieve their biggest
ambitions."
The Government of Canada,
through Prairies Economic Development Canada (PrairiesCan), is also
investing $450,000 to attract new
investors for Calgary's technology
companies and facilitate new connections between tech entrepreneurs
and investors in the community. Over the next three years, the
National Bank Investor Hub is expected to help support about 100
small and medium-sized technology companies.
"Our government is proud to support Alberta's technology sector in attracting new
investors," said the Honourable Dan Vandal, Minister for
PrairiesCan. "This investment in Platform Calgary's Investor Hub
will help Alberta's tech
entrepreneurs to bring their ideas to market while working to build
a sustainable economy for Albertans."
"Platform Calgary has
established itself as a leading-edge hub of expertise and resources
for supporting entrepreneurship and innovation—located in the heart
of downtown Calgary," said
George Chahal, Member of Parliament
for Calgary Skyview. "I'm proud to see our government's investment
in this new Investor Hub to make it even easier for innovators in
our community to connect with new investment opportunities and take
their startups to the next level of growth."
With a combined funding commitment of $1,230,000 to date, partners in this project
include National Bank of Canada,
PrairiesCan, Platform Calgary and the Opportunity Calgary
Investment Fund.
"Calgary's tech sector is
emerging as one of the fastest growing in the world," said
Terry Rock, President and CEO,
Platform Calgary. "By creating better linkages between startups and
investors, we can continue our momentum to establish Calgary as the best place in the world for
anyone to start and grow a tech business."
The OCIF funds will also be used to create a playbook on how to
launch early-stage funds, which will educate investors, increase
awareness about the unexpected possibilities in Calgary's tech and innovation community and
unlock more capital.
To date, OCIF has allocated more than $84
million to 29 projects, which has created or retained almost
3,000 jobs, created or scaled over 800 companies, attracted
$34 million in additional funding
from government partners and generated almost $900 million in economic activity – a 10 times
return on funds committed. For more information, please visit our
website.
ABOUT OPPORTUNITY CALGARY INVESTMENT FUND
Opportunity Calgary Investment Fund ("OCIF") was created as a
wholly owned subsidiary of The City of
Calgary in 2018 to support catalytic investments within the
city to help diversify and transform the economy. The fund is
administered by Calgary Economic Development and has a volunteer
Board of Directors. It is vital tool to achieve the goals of the
economic strategy and diversify Calgary's economic future.
For more information, contact:
Opportunity Calgary Investment Fund:
Evynn Anderson
Specialist, Communications
Media line: 403-880-7040
Email: media@calgaryeconomicdevelopment.com
ABOUT PRAIRIESCAN
PrairiesCan is the federal department that supports economic
growth in Alberta, Saskatchewan, and Manitoba. Its programs and services help
businesses, not-for-profits, and communities grow stronger. Its
mandate is to support economic growth and diversification in the
Prairie provinces and advance the interests of the region in
national economic policy, programs, and projects. Learn more at
prairiescan.gc.ca.
For more information,
contact:
Rohit
Sandhu
Communications Manager
Telephone: 587-337-3141
Email: rohit.sandhu@prairiescan.gc.ca
ABOUT PLATFORM CALGARY
Platform Calgary is an impact
organization whose members are tech companies, large and small,
united in a vision of inclusive, innovation-driven prosperity for
Calgary. Platform Calgary connects entrepreneurs to a network of
partners focused on helping startups launch and grow at every step
of their journey, from ideation through to scale. The Platform
Innovation Centre is the front door to this community — a single
point of access for people as they navigate Calgary's innovation ecosystem.
For more information, contact:
Jordan Pinkster
External Relations & Communications Officer
Telephone: 403-651-9126
Email: jordan.pinkster@platformcalgary.com
SOURCE Opportunity Calgary Investment Fund Limited