FREDERICTON– Energy and cybersecurity accelerator Energia is getting a boost of financial support from the New Brunswick Innovation Foundation (NBIF).
It was announced yesterday that the accelerator, which is affiliated with the University of New Brunswick, will receive up to $500,000 from NBIF as part of a collaboration to help strengthen the growth of companies in the energy, smart grid, cleantech and cybersecurity sectors.
For the next two years, NBIF will invest up to $250,000 per year in companies participating in the Energia accelerator.
“[Energia] plays a key role in the New Brunswick innovation ecosystem by helping these companies establish relationships and by curating investible companies,” said Ray Fitzpatrick, director of investments at NBIF, in a release.
“NBIF knows that the best accelerators in the world come with equity investments and by assisting Energia in making this level of commitment, we believe they will be on par with the best in class international accelerators in both programming and funding. We want to see Energia achieve international recognition as an accelerator with a highly competitive environment from startups to participate in the program.”
Energia offers an intensive 13-week program that prepares startups from New Brunswick and around the world for rapid revenue. Ideal companies have previously raised funds and have a market-tested product. Energia prepares these companies as they move towards full-scale commercialization and raising their Series A funding over the next twelve months.
Companies participating in the accelerator receive an investment of up to $50,000 from NBIF, along with non-dilutive funding of $20,000 that is already in place, bringing the total investment amount to $70,000 per company.
“We’re so very pleased to have NBIF believe in the work we’re doing and demonstrate that by investing in the companies we work with,” said Joe Allen, managing director of Energia Ventures. “We strive to attract and work with the best companies in our sectors of focus, and this investment will go a long way in attracting these companies in the competitive space of business acceleration.”