Innovacorp and the New Brunswick Innovation Foundation (NBIF) have earmarked $1 million, $500,000 each, to invest in select companies participating in Phase 2 of Propel’s Incite accelerator.
Propel ICT announced Phase 2 earlier this month, naming 15 companies from across Atlantic Canada that will be participating in the entirely virtual accelerator program. Each individual company will be eligible to receive up to $50,000 as part of the Innovacorp, NBIF partnership investment. Companies from all four Atlantic provinces are eligible to apply for the funding.
“These startups are vital to New Brunswick’s economic prosperity.”
“These startups are vital to New Brunswick’s economic prosperity,” Ray Fitzpatrick, director of investments at NBIF, said. “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.”
As part of Phase 2 participants will develop a repeatable sales process for their business that they will then have to submit as part of their investment application. An investment committee from Innovacorp and NBIF will make a decision regarding investment, with recommendations from Propel.
Phase 1 of the 12-month virtual accelerator program began in September 2018 and Phase 2 is set to run until August.
“This is a great investment opportunity for us,” said Andrew Ray, vice president of investment at Innovacorp. “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.”
Phase 2 of Incite is currently underway and Propel said it expects the first round of companies that will receive investment from Innovacorp and NBIF to be announced in the coming weeks.