Cardiff Council has committed £350,000, while the Harbour Authority has pledged £250,000 for 2011-12.
However, the funding from the Harbour Authority is limited to this year, while Cardiff & Co must submit a five year strategy and business plan to the local authority to ensure continued funding over the next three years.
Cardiff & Co was established in 2007 by Cardiff Council to lead the promotion of the Cardiff city-region and as part of the council’s service redesign project the agency could also potentially take over marketing functions of the local authority.
The council will need to promote its planned new convention centre – which is in addition to the city’s Swalec stadium and part of a proposed central business district - as part of that marketing
Cardiff & Co now plans to secure direct funding and in kind support of around £450,000 from the private and third sectors.
Apart from the council, the company has investors, including Cardiff University, Cardiff Airport, St David’s Partnership and University of Wales Institute Cardiff – which each fund the agency by £30,000 annually.
Meanwhile, Cardiff & Co’s chairman Bill Savage is set to step down from his role in September and move to Wales Probation Trust as director of commercial affairs.
Cardiff & Co managing director Richard Thomas said: "Bill Savage has left the company in a very strong position and my focus, and that of my team, will be on delivering the outcomes and activities we will be outlining when we publish our strategy and business plan 2011-16."
He added he would be "liaising with investors and board directors to ensure that a transparent recruitment process" for Savage’s replacement.