Innovacorp and NBIF announce partnership to invest $1 million in Propel companies
January 29th, 2019
Innovacorp and the New Brunswick Innovation Foundation (NBIF) are announcing their collaboration to invest one million dollars in companies who enter Phase 2 of Propel's Incite accelerator.
Both organizations have earmarked $500,000 to make investments in selected companies in Propel’s accelerator over the next few years.
“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.”
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.
"Propel is a proven accelerator that helps startups grow and prosper. 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," said Ray Fitzpatrick, director of investments at NBIF.
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.
“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 this partnership will be announced in the coming weeks.
Propel aims to be a leader in fostering successful global technology companies headquartered in Atlantic Canada.
For more information, please visit: propelict.com.
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 ocean technology.
For more information, please visit innovacorp.ca.
About New Brunswick Innovation Foundation
Since its launch 15 years ago, the New Brunswick Innovation Foundation, an independent, non-profit corporation, has invested over $100 million in New Brunswick startups and researchers and leveraged $457 million more from other private and public sources. Those strategic investments have helped launch over 100 companies and funded nearly 500 applied research projects. Profits from NBIF’s investments go back into the foundation for reinvestment in other startups and research initiatives that drive innovation, attract investment and create jobs in New Brunswick.
Find out more at nbif.ca.
Michaela Meltzer Gardner