Opportunity Calgary Investment Fund (OCIF) announced it will invest $4 million in Calgary-based Thin Air Labs Fund I Limited Partnership to support early-stage companies and help accelerate the growth of the local technology and innovation sector.
“Our investment in Thin Air Labs Fund I helps to fill a critical gap in support for early-stage companies, with the capital and expertise to help them grow their businesses in Calgary,” said Mark Blackwell, Chair of OCIF’s Board of the Directors.
Thin Air Labs Fund I is the second fund selected from the Request for Proposals (RFP) issued by OCIF in March 2021. The RFP sought professional third-party fund managers to create a pool of capital for Calgary focused investments on a sector agnostic basis. Accelerate Fund III was the first, announced in November 2021.
“As our tech and innovation ecosystem expands, we are looking for ways we can accelerate the distribution of capital into the community,” said Brad Parry, Chief Executive Officer, OCIF and President and Chief Executive Officer, Calgary Economic Development. “The capital pool managed by Thin Air Labs will take ownership positions in the startup and scaleup ventures and allows us to support more local founders and advance the goal of being a creative hub for innovation in our economic strategy, Calgary in the New Economy.”
Thin Air Labs invests in early-stage innovation in Calgary, the Prairies and North America, through its venture capital arm, helps founders succeed with impact services to fast-track business development and nurtures the local innovation ecosystem through its connection to community builders and partners.
“With Thin Air Labs Fund I, we are committed to supporting the growth of globally competitive companies from right here in Calgary,” said James Lochrie, Partner, Thin Air Labs. “The OCIF investment will allow us to continue supporting incredible founders in Calgary as they work to create jobs and meaningful human impact with their ventures.”
OCIF’s investment in Thin Air Labs Fund I is expected to generate at least $8 million of investments into Calgary-based companies.
“To drive economic development, we must encourage investment in local entrepreneurs and innovation,” said Calgary Mayor Jyoti Gondek. “This latest OCIF investment of $4 million will help create start-ups in diverse, high-growth sectors of our economy and achieve the community’s goal to create more than 1,000 new tech companies over the next decade.”
The OCIF contribution to Thin Air Labs Fund I aligns with the path forward toward economic diversification and being the ideal location to start and scale ventures outlined in the economic strategy Calgary in the New Economy.
Thin Air Labs is the 21st organization to be approved for support. Approximately $63 million has been allocated to projects to date and has led to investment commitments of between $340 and $680 million.
For more information, visit the OCIF website or the Calgary in the New Economy page.