Calgary’s Tech Ecosystem By the Numbers
Canada
Calgary
MEMBERS:
Platform Calgary
Calgary Innovation Coalition
Calgary Economic Development
“Calgary gives back. As a tech leader, I feel the calling to launch initiatives that bring this community even closer together to secure our place as one of the world’s most collaborative tech markets.”
Highlights
Set against the breathtaking backdrop of the Canadian Rockies, Calgary is an emerging force in clean energy and innovation, while consistently featuring among the world’s most liveable cities. The city has founded unicorns including Benevity, Neo Financial, Shareworks, RS Energy Group and Parvus Therapeutics. Preliminary data from Start Alberta shows the province attracted nearly CAD 1.17 billion (USD 861 million) in VC and private equity investment over 111 deals in 2023, closely mirroring the $1.2 billion (USD 883 million) over 162 rounds secured in 2022.
The Opportunity Calgary Investment Fund (OCIF), administered by Calgary Economic Development, is a CAD 100 million (USD 73.6 million) fund created by the City of Calgary to diversify Calgary’s economy, create jobs and spur a wide range of public, non-profit and private sector investments in Calgary. To date, OCIF has committed CAD 86.2 million (USD 63.4 million) to 28 projects across different sectors, aiming to position Calgary as a leader in Canada's digital and economic transformation.
In September of 2023, National Bank of Canada and Platform Calgary announced a strategic partnership to improve connections between investors and Calgary technology startups. The National Bank Investor Hub will drive faster connections between investors, founders, ideas, and capital. The hub, alongside initiatives like UCeed and Startup TNT will provide more opportunities for Calgary startups to access capital.
Innovation Week, powered by Platform Calgary, is an annual event that celebrates technological advancement and entrepreneurship in Calgary. The culminating event of the week is Launch Party, which spotlights the city’s top emerging startups. Launch Party 2023 hosted more than 1,300 attendees including innovators, investors, business leaders, government, and the general public.
Ecosystem by the Numbers
NUMBER OF UNICORNS
(H2 2021 - 2023)
Sub-Sector Strengths
Cleantech
Calgary is Alberta’s Cleantech hub, with local startups Carbon Upcycling, Eavor, and Summit Nanotech all featured in Cleantech Group’s 2024 Global Cleantech 100. The city is set to lead Alberta’s green-transition with up to 170,000 new jobs and $44.9 billion in GDP by 2050. In December 2023, Canada Growth Fund also announced a $147 million joint-investment in Calgary-based Entropy Inc., a developer of carbon capture and sequestration projects.
Fintech
The second edition of the Digital Commerce Calgary Fintech Award concluded in October 2023, awarding nearly $295,000 to winners DealPoint, Blossom, Propra and Elv. In September 2023, ZayZoon raised $34.5 million in a Series B round. Helcim, offering transparent and flexible payment solutions, raised $20 million in a February 2024 Series B round, following its venture into hardware with its Smart Terminal.
Agtech & New Food
THRIVE by SVG Ventures, a California-based accelerator for Agtech and Foodtech startups, runs the THRIVE Canada Accelerator and aims to contribute $44.9 billion to Alberta's GDP by 2050. In April 2023, The51 Food and AgTech launched a $22.1 million fund targeting food and Agtech startups, with plans to raise $36.8 million to promote productivity, climate action, and food security. In mid-2023, Calgary-based AVAC Group launched Carrot Ventures with an $11 million fund to invest in Canadian Agtech.
Reasons to Move Your Startup to Calgary
Low Cost of Doing Business
With significantly more affordable living costs compared to other major Canadian cities, Calgary presents an enticing option for startups and scaling companies. Alberta’s advantageous tax environment, characterized by the absence of provincial sales tax, payroll tax, health premiums, and the lowest corporate income tax rate in Canada at 8%, offers substantial financial incentives for businesses and individuals alike.
Global Talent
Alberta is home to nearly 100,000 tech workers with a robust pipeline of over 9,000 STEM graduates each year. It boasts Canada’s youngest workforce, highest annual population growth, and leads in engineers per capita. Between 2017-22, Calgary emerged as an innovation hub with a 61% growth in tech talent. Calgary is further enhanced by a $441 million Workforce Strategies program and welcoming immigration policies for global talent.
Quality of Life
Calgary boasts affordable living, outdoor adventures, and a vibrant, youthful community. At #7, Calgary remains one of the most liveable cities in the world, also claiming #23 in Mercer’s quality of living index for expatriates. The 2023 Fall Survey of Calgarians reveals that 75% rate the city’s quality of life as good, 70% believe it's a great place to work, and 81% are proud of their neighborhood.
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