Calgary, Alberta, Oct. 04, 2018 (GLOBE NEWSWIRE) -- The first company to receive support from the Opportunity Calgary Investment Fund (the Fund, or OCIF) was announced today with MobSquad revealing its plans for a new business based in Calgary with hundreds of high-calibre software developers across Canada.
The announcement was made today at MobSquad’s new office space in downtown Calgary attended by Navdeep Bains, Canada’s Minister of Innovation, Science and Economic Development, Joe Ceci, Alberta’s Minister of Finance, Calgary Mayor Naheed Nenshi, and Barry Munro, Chair of the Opportunity Calgary Investment Fund.
MobSquad provides clients in the United States with teams of top software engineers and data scientists working from satellite offices in Canada.
“We recognize the large and increasing demand for highly skilled engineers in Silicon Valley and the challenges U.S. companies are facing with filling these roles,” said Irfhan Rawji, founder and CEO of MobSquad. “We’re excited to help fill this gap and provide opportunities for Canadians and highly skilled immigrants to work remotely for some of the world’s leading technology startups.”
The project is approved for a $1.5 million investment from Opportunity Calgary Investment Fund. It will be delivered in phases as jobs are created. In addition to 150 new jobs in Calgary, MobSquad’s head office in downtown Calgary will oversee operations across Canada.
The $100 million Opportunity Calgary Investment Fund was formally launched by Calgary City Council in April 2018 to support catalytic investments intended to spur growth and create jobs in economic sectors strategic to the city. The Fund is a wholly owned subsidiary of The City of Calgary that is administered by Calgary Economic Development with an independent volunteer Board of Directors.
“When City Council dedicated $100 million to OCIF it was initiatives like MobSquad we had in mind. This is the first of many projects that will create jobs and act as a catalyst for growth in Calgary’s economy,” said Mayor Nenshi. “The decision by MobSquad to locate its head office and create positions in Calgary is proof that we have the talent here and we are able to provide the highly skilled people that companies need.”
Since its launch, the Fund has received 150 applications. There is a rigorous review process to scrutinize each application and assess it against specific criteria:
- Economic benefits to Calgary in terms of investment and new revenue growth.
- Number and quality of jobs created for Calgarians.
- Alignment with key industries and sectors.
- Impact on the innovation and sector ecosystems.
- Leveraged funding and alignment with strategic initiatives.
- Social benefits to the citizens of Calgary.
Applications have come from local and out-of-market companies. About half are in industries identified in the city’s new economic strategy Calgary in the New Economy – energy, agribusiness, transportation & logistics, creative industries, and life sciences. The remainder are concentrated in the tech sector and focus on commercializing technology across all sectors.
Details on negotiations or agreements are confidential.
“OCIF has drawn many interesting proposals and ideas to stimulate and leverage Calgary’s economy. As we progress through the reviews of the submissions and – just as important, look for new opportunities – we have no doubt we will have many more exciting announcements in the months ahead,” Munro said.
About Opportunity Calgary Investment Fund
Opportunity Calgary Investment Fund was created as a wholly owned subsidiary of The City of Calgary in 2018 to support catalytic investments within the city that will help diversify and transform the economy. For more information, visit our website at https://www.opportunitycalgaryinvestmentfund.com/