Propel ICT, Atlantic Canada’s start-up accelerator, today announced that companies completing its programs are now eligible for up to $100,000 in investment funding from the New Brunswick Innovation Foundation and Innovacorp.
The funding is offered as a convertible note, a form of lending that may be exchanged for equity investment in the start-up.
Propel ICT operates two accelerator programs – Launch and Build. The Launch program is offered for early stage start-ups that have yet to fully develop their product or service. The Build program is for more advanced start-ups that have developed a product or service with early sales success. Applications for the next round of Launch and Build are now open with the deadline for applications being May 1.
“Propel ICT has proven itself as one of Canada’s top start-up accelerators. We have invested in Propel ICT graduates from New Brunswick previously, and this partnership paves the way for more investments in the future,” said Calvin Milbury, president and CEO of the New Brunswick Innovation Foundation.
For Charley Baxter, vice president of investment at Nova Scotia’s Innovacorp, formalizing its relationship with Propel ICT was an easy decision. “Propel ICT helps smart Nova Scotia entrepreneurs with good ideas build successful businesses. Some of Nova Scotia’s most promising start-ups have come out of its programs and we expect to see more.”
Companies headquartered in New Brunswick will be eligible for investment of up to $100,000 from NBIF, while companies headquartered in Nova Scotia will be eligible for up to a $100,000 investment from Innovacorp.
The potential funding from NBIF and Innovacorp is in addition to the existing $150,000 funding that graduates of the Build program are eligible to receive from BDC Capital.
All investment decisions are made based on the funders’ assessment of a company and its potential. Completing the Launch or Build programs does not guarantee funding.
“Atlantic Canada is building a growing ecosystem that supports the formation and growth of start-up companies. With this announcement, we make that environment even stronger with increased access to early stage venture capital,” said Gary Dinn, CEO of Propel ICT.
Participation in the Launch or Build programs is available to any entrepreneurs based in Atlantic Canada. Space in each program is limited. To learn more or to apply, visit www.propelict.com.
About Propel ICT
Propel ICT is a start-up accelerator serving entrepreneurs throughout Atlantic Canada. It works with community partners throughout the region. Since Propel ICT’s launch, over 75 companies have graduated from its programs, attracting investment, creating jobs and growing the region’s economy. To find out more, visit www.propelict.com or follow @PropelICT
About New Brunswick Innovation Foundation
The New Brunswick Innovation Foundation is an independent, not-for-profit corporation that makes venture capital investments in start-up companies; funds applied research at New Brunswick research organizations, and provides innovation vouchers for established businesses. The financial returns earned go back into the foundation to be re-invested into even more start-up companies and applied research.
Innovacorp is Nova Scotia's early stage venture capital organization. It works to find, fund and foster innovative Nova Scotia start-ups that strive to change the world. Early stage investment is at the core of Innovacorp’s business model. It also gives entrepreneurs access to world-class incubation facilities, expert advice and other support to help them accelerate their companies. Target industries include information technology, life sciences, clean technology and oceans technology.
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Fredericton, New Brunswick, and Halifax, Nova Scotia, April 8, 2015