On November 15, the Opportunity Calgary Investment Fund (OCIF) team announced that they will contribute $6 million to Accelerate Fund III to support early-stage companies and help accelerate the growth of the tech and innovation sector in Calgary.
OCIF is a $100 million initiative that was launched by the City of Calgary in 2018 to support investments that spur growth and create jobs in strategic sectors.
This additional investment will bring the Accelerate III Fund to nearly $23 million. The fund co-managers, Yaletown Partners and the A100, will continue to manage the fund in a way that best supports local startups, creates jobs, generates revenues, and drives investment returns.
What does this mean for Calgary startups?
An additional $6 million in Accelerate Fund III means more opportunity to access capital at the early stage of growth for Calgary startups. With AF III funding, startups can grow beyond initial revenue to demonstrate market fit and sales momentum to help you expand and set you up for a successful next round.
Consider the growth accomplished by Calgary startups that received funding through Accelerate Fund II including StellarAlgo’s personalized fan engagement platform (the team just announce a $16.5 million Series A), Userful and their award-winning visual networking platform, or Passportal’s IT management software (acquired by SolarWinds) whose CEO, Colin Knox, went on to found his next Calgary-based startup, Gradient MSP (who just raised $12.7 million for their Series A).
Fund III has already invested in seven Alberta startups, propelling the growth of up-and-comers like PayShepherd, whose contractor billing technology is saving millions for big industry by detecting and resolving over billing, and Simplicity, a fintech company reinventing the mortgage application process whose team was recently selected for the Reach Accelerator.
What’s accessing funding look like?
The application process for Accelerate Fund III is online and efficient. Our due diligence is shared to bring in other investors. And our local networks, built by Yaletown and the A100, help to evaluate and ultimately support the startups we invest in. We respect your time and actively support your growth.
Are you an Alberta startup with initial revenue that’s looking to grow? Find out about what we fund. We may just be great backers.