NEWFOUNDLAND AND LABRADOR GRADUATES OF PROPEL ICT’S BUILD PROGRAM NOW ELIGIBLE FOR UP TO $250,000 IN STARTUP INVESTMENT FROM PELORUS VENTURE CAPITAL
Complements Existing Funding Opportunities From BDC Capital
St. John’s, NF—Propel ICT, Atlantic Canada’s startup accelerator, today announced that Newfoundland and Labrador companies completing its Build accelerator program are now eligible for up to $250,000 in investment funding from Pelorus Venture Capital Limited, the manager of Venture Newfoundland and Labrador. The funding is offered as an equity investment.
Propel ICT operates two accelerator programs – Launch and Build. The Build program is for more advanced startups with established sales traction and a product or service that has significant growth potential. The Launch program is offered for early stage startups that have a defined product or service, but are still developing their business model and beginning to work with early adopter customers.
“Propel ICT is an important part of the startup ecosystem in Newfoundland and Labrador. Formalizing our relationship with this accelerator sets the stage for investment in graduates of Propel ICT’s Build program, supporting their business and growth agenda,” said Tom Hayes, Managing Director of Pelorus Venture Capital.
In addition to the funding opportunity with Pelorus Venture Capital, Newfoundland and Labrador-headquartered companies completing Propel ICT’s Build program are also eligible to receive up to $150,000 in funding from BDC Capital. All investment decisions are made based on the funders’ assessment of a company and its future potential. Completing the Build program does not guarantee funding.
“The relationship with Pelorus Venture Capital is important to our programming in Newfoundland and Labrador. Creating a pathway to significant investment capital is key to supporting startup companies in this province,” said Gary Dinn, the St. John’s- based CEO of Propel ICT. “We currently have one Newfoundland and Labrador- based startup in the Build program, part of a Atlantic Canada wide cohort of six companies. The program is offered semi-annually.”
Participation in the Launch or Build programs is available to entrepreneurs across Atlantic Canada. Space in each program is limited and selection is competitive. To learn more, visit www.propelict.com.
About Propel ICT
Propel ICT is a startup accelerator serving entrepreneurs throughout Atlantic Canada. It works with community partners throughout the region. Since Propel ICT’s launch, over 85 companies have graduated from its programs, attracting investment, creating jobs and growing the region’s economy. To find out more, visit propelict.com or follow @PropelICT
About Pelorus Venture Capital
Pelorus Venture Capital Limited is the manager of Venture Newfoundland and Labrador, a venture capital fund supported by three investors: the Government of Newfoundland and Labrador, BDC Capital and Pelorus Venture Capital GP Limited. The fund focuses on early stage, innovative knowledge based companies across Newfoundland and Labrador.
Managing Director, Pelorus Venture Capital Limited