NBIF And Innovacorp Will Invest $1-Million In Propel Companies
FREDERICTON– Two organizations that help support startups in Atlantic Canada are teaming up to fund companies participating in one of the region’s leading accelerators
New Brunswick Innovation Foundation (NBIF) and Innovacorp will jointly invest $1-million in selected companies who enter Phase 2 of Propel’s “Incite” accelerator over the next few years.
“Propel is a proven accelerator that helps startups grow and prosper,” said Ray Fitzpatrick, director of investments at NBIF, in a release. “These startups are vital to New Brunswick’s economic prosperity. By investing in the strongest of these companies, NBIF is supporting the talents and ambitions of New Brunswickers and helping to create new jobs and growth in the province.”
Companies in Phase 2 of Incite will develop a repeatable sales process for their companies. They will then submit this plan as part of their application for investment. Propel will make recommendations based on their evaluation of the companies with final decisions being made by an investment committee comprised of members from Innovacorp and NBIF.
“This is a great investment opportunity for us,” said Andrew Ray, vice president of investment at Innovacorp, in a release. “Combining the expertise of Propel with the financial resources of NBIF and Innovacorp will provide these companies with increased potential to create great startups in Atlantic Canada.”
The selected companies will receive an investment of up to $50,000 in total from Innovacorp and NBIF. Companies from all four Atlantic provinces are eligible for the program.
“We’re constantly striving to bring more value to the companies we work with through Incite,” said Barry Bisson, CEO of Propel. “We’re extremely thankful to Innovacorp and NBIF for this partnership and we’re excited about the opportunities these investments will create for the companies in our accelerator.”
Phase 2 for the Incite cohort is now underway. The first round of companies to receive investments as a result of the partnership will be announced in the coming weeks.