CALGARY — The City of Calgary says it will invest $6 million into a venture capital fund in an effort to boost the city's growing tech sector.
The investment will be made by the Opportunity Calgary Investment Fund (OCIF), a wholly owned subsidiary of the City of Calgary that aims to help diversify Calgary's economy.
OCIF says it has selected Accelerate Fund III LP, an early-stage angel co-investment fund managed by Yaletown Partners in partnership with non-profit organization The A100.
Under the terms of the agreement, Accelerate Fund III will match OCIF's contribution, generating a total of $12 million in investment capital for Calgary-based businesses.
Accelerate Fund III was launched in May 2020. The total value of the fund, with the contribution from OCIF, is expected to reach nearly $23 million.
OCIF issued a request for proposals earlier this year to find a venture capital partner. At the time, OCIF chair Mark Blackwell said Calgary would be the first municipality in the country to use city dollars to create a pool of venture capital for early-stage local businesses.
This report by The Canadian Press was first published Nov. 15, 2021.
The Canadian Press
