Virtual startup incubator Propel has received a $2.9 million grant from the Atlantic Canada Opportunities Agency, funding the organization through 2026.

The money builds on $1.05 million Propel received from the Nova Scotia government in May, some of which it used to expand its coaching staff. The incubator is now in its 20th year, so in 2026 it will be 23.

“In order to accelerate investments, immigration, and R&D, we need to build capacity in our founders and inspire new ones,” said CEO Kathryn Lockhart in a statement.

“With a record year of 113 companies in our cohorts, we are exceptionally proud of our role in coaching founders to develop the skills and access the resources they need to build, grow and scale innovative companies.”

A particular priority for Propel, which is headquartered in Saint John, but provides services throughout the Atlantic provinces, is diversity and inclusion.

When Propel received the provincial funding earlier this year Lockhart said a key focus of the organization is advancing the interests of under-represented groups, including female founders.