The City of Calgary has approved $60 million CAD in new funding for the Opportunity Calgary Investment Fund (OCIF), a key initiative aimed at accelerating the growth of local businesses and attracting top-tier talent to the region.
The funding will be distributed in $15 million annual tranches over the next four years, drawn from the city’s Fiscal Stability Reserve.
OCIF must provide detailed yearly progress reviews to access each funding installment, demonstrating where funds have been allocated and the outcomes achieved.
Focus on innovation and talent development
Brad Parry, CEO of both OCIF and Calgary Economic Development, emphasized that the new capital will play a crucial role in helping startups scale, with a strong emphasis on talent development. “How do we make sure we have the talent to allow those companies to scale, which is part of our thesis going forward?” he told Livewire Calgary.
This round of funding comes at a critical juncture, as OCIF’s remaining capital from its original $100 million fund — launched in 2018 — is expected to run out by the end of 2025.
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OCIF’s track record: $900M leveraged, 3,000+ jobs created
Since its inception, OCIF has helped attract nearly $900 million in additional investments and supported the creation of over 3,000 jobs. It has also enabled Calgary-based and international companies to secure more than 594,000 square feet of office space in the city.
Past recipients include prominent players in the local innovation scene such as:
- AltaML (AI solutions),
- Harvest Builders (venture creation),
- LodgeLink (workforce travel tech),
- Thin Air Labs (venture studio),
- and even international giants like IBM Canada, which tapped OCIF to expand their Calgary presence.
Strengthening Alberta’s innovation ecosystem
The renewed investment aligns with Alberta’s broader innovation push. Provincial crown corporation Alberta Innovates has launched multiple initiatives in AI, healthtech, and clean technology. The province has also supported major firms like Fortinet to open operations in Calgary.
According to Startup Genome’s 2024 report, Calgary is now ranked alongside Montréal and Ottawa as one of Canada’s fastest-rising tech ecosystems — even as Toronto and Vancouver face increased competition on the global stage.
As OCIF enters its next chapter, the $60 million commitment reinforces Calgary’s intent to be a serious player in Canada’s tech and innovation economy.
