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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.

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