WellTrack, the Fredericton company that provides mental health software for university students, has reached $400,000 in annual recurring revenues and sees a clear path to $1 million this summer.
Founder and CEO Darren Piercey revealed the company’s progress in generating sales during his two-minute pitch for the 500 Startups Demo Day, which took place last week. WellTrack was one of 41 companies to graduate recently from the Silicon Valley accelerator’s 20th cohort.
“We’re experiencing some great traction,” said Piercey in the presentation. “We’re currently at $400,000 in annual recurring revenue and we have a clear path to $1 million this summer by adding just 35 new customers.
“And the opportunity is huge. Two-hundred billion dollars a year is being spent on mental health. It’s the No. 1 healthcare cost in the U.S. today.”
Read more in Entrevestor.