CoLab Software, the St. John’s-based maker of collaboration software for 3D modelling, has been accepted into the Lazaridis Institute’s prestigious ScaleUp program for growth-stage companies in the wake of its best quarter ever.

Chief Executive Adam Keating said in an email that CoLab’s recently ended third quarter saw the company more than double its revenue compared to its previous best quarter, while its sales pipeline has grown by more than a factor of 10 in the past year.

The Lazaridis institute, meanwhile, is part of Waterloo, Ontario's Wilfrid Laurier University. As well as its ScaleUp accelerator, the institute also researches the innovation economy. CoLab is the third St. John's company accepted into the program as Mysa Smart Thermostat and medtech company Breathesuite have both attended in recent years. 

“We see Lazaridis as the highest ROI, lowest distraction way to invest in scaling our product, go-to-market and leaders,” said Keating.

A graduate of the Y Combinator accelerator in Silicon Valley, CoLab fared well during COVID-19, with its revenue growing 609 percent in 2020. It also closed one of the largest funding rounds in Atlantic Canada last year with a $21 million Series A raise.

And last quarter, the company added four Fortune 500 clients in the automotive and heavy equipment industries, with public announcements for some of those deals soon to come.

“Despite the macro-economic climate, things have never been better at CoLab,” said Keating. “We’ve become a core component to helping our customers get to market faster with better quality and cost.”

CoLab has 82 employees — up from 54 people this time last year, with the hiring spree financed by the Series A raise — and plans to hire another 20 to 25 people over the next year, with scaling its revenue team as a key focus.

Currently, the company is hiring account executives, a technical sales specialist and a senior developer. The job postings can be found here.