Economic development agency dispenses $6.3 million across nine startups and ecosystem programs.
Prairies Economic Development Canada (PrairiesCan) has invested $6.3 million across nine Saskatchewan ecosystem projects and businesses.
The capital distribution comes in the form of large, repayable sums going to “high-growth businesses” such as Andgo Systems to help with scale-up, while smaller, non-repayable sums went to ecosystem development projects that help startups navigate growing their business, such as Conexus Credit Union’s Cultivator program.
Saskatoon-based software-as-a-service (SaaS) startup Andgo Systems received the largest repayable contribution of $2.1 million. The funding is meant to support the company in scaling up the operations and sales of its workforce-management software platform that automates onboarding, employee absences, filling vacant shifts, and annual vacation planning.
Andgo raised a $5.6 million Series A round co-led by Boston’s Waterline Ventures and Toronto-based First Ascent in September 2022. One year later, the startup laid off nine of its employees after failing to meet its forecasted growth projections.
Other companies supported by the repayable investments include Saskarc, which is receiving $1.1 million to increase its fabrication capacity for structural steel, and Cubbi, which will get $500,000 to pursue food delivery market opportunities in Saskatoon, Calgary, and Regina.
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The non-repayable portion of the funding is going to the Indigenous Manufacturing and Contracting Network, Conexus Credit Union, and the University of Regina.
The Indigenous Manufacturing and Contracting Network is receiving $160,000, the largest contribution to the non-repayable group, to provide training and mentorship opportunities for Indigenous companies and assist Indigenous small-to-medium sized businesses with their development in the manufacturing and contracting sectors.
Conexus’s incubator arm, Cultivator, is receiving $75,000 to sponsor its Startup Summit in Regina, which connects founders, investors, and mentors in the province. The University of Regina is receiving $35,000 to facilitate a “Startup 101 Bootcamp,” which connects students, postdocs, and faculty to connections in the startup community.
Last month, PrairiesCan invested more than $21 million across 14 projects in Alberta. Recipients included hyperspectral satellite imaging startup Wyvern and carbon-based soil alternative company Pure Life Carbon.
Featured image courtesy Andgo Systems via its website.
