CALGARY, AB, Nov. 15, 2021 /CNW/ – The primary selection from the Request for Proposals (RFP) issued by The prospect Calgary Funding Fund (OCIF) for A third-celebration fund supervisor to create a pool of capital for Calgary-focused early-stage make investmentsments is Velocity up Fund III LP.
Alternative Calgary Funding Fund emblem (CNW Group/Calgary Financial Enchancment Ltd.)
OCIF will contribute $6 million to Velocity up Fund III, Which might match dollars from OCIF, beneath phrases of the settlement to assist early-stage corporations and assist accelerate The enlargement of the native tech and innovation sector.
Velocity up Fund III is managed by Yalecity Companions in partnership with the A100. The Fund is primarily backed by Alberta Enterprise Company (AEC) and created by Alberta Enterprise to assist early-stage (pre-Collection A) Alberta know-how corporations.
Velocity up Fund III is The latest Inside the Velocity up series of funds that assists innovation in Alberta by native entrepreneurs, primarytaining them based mostly right here to make use of native people and contribute to the financial system. The Velocity up series of funds play An important position in encouraging particular personal buyers to assist native early-stage entrepreneurs by requiring matching co-make investmentsment from angel buyers.
OCIF’s contribution Is predicted to generate $12 million in make investmentsments into Calgary-based mostly corporations, collectively with unlocking angel capital.
In March, OCIF issued an RFP looking for A third-celebration expert fund supervisor Which might match dollars from OCIF to create a pool of capital for Calgary-focused make investmentsments. Velocity up Fund III leverages the deep native information and internetworks of Yalecity and the A100 To current capital for startups and assist in scaling small and medium-sized enterprises in Calgary.
OCIF is a $100 million initiative that was launched by The Metropolis of Calgary in 2018 to assist make investmentsments that spur progress and create jobs in strategic sectors recognized Inside the economic method Calgary Inside The mannequin new Economy. Since its launch, OCIF has acquired Greater than 230 purposes. Most have been too early stage to qualify for OCIF assist.
“We now have witnessed primary progress Inside the tech sector in Calgary and doc ranges of later-stage funding into extreme progress corporations. With our make investmentsment Inside the Velocity up Fund, We’re filling a essential hole in …….