Six companies from the Propel ICT Build Program displayed last night the budding revenue streams that place them in the top tier of the Atlantic Canadian regional accelerator – at least, for now.

Up until now, Propel has been divided into two programs – Build for more advanced companies and Launch for seed stage startups. And six Build companies last night made their case for investment by laying out their path to market and telling of the revenue they had already captured.

But Propel also announced that soon there will be a third layer in its programing. Propel Chair Dave Grebenc said the accelerator by year-end will launch its new Grow program for its alumni and other late-stage companies. It is designed to help the burgeoning number of mature companies develop from startups into corporations that are attracting global clients.

But on Tuesday night, the focus was on the Build Program and the six companies that had just completed it.

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Fredericton-based TotalPave exemplified the messages by showing traction and an acceptance by investors.  TotalPave, which won New Brunswick’s Breakthru competition in 2013, has developed a smartphone app that helps municipalities and their contractors test road surfaces at a fraction of the current cost. The goal is to identify small cracks, which are cheap to mend, before they become more expensive potholes.

“What we’ve got is technology that allows municipal engineers to collect this vital data at 15 times less money than the industry standard,” said CEO Coady Cameron, who founded the company with his brother Drew.

TotalPave is now being used by four Atlantic Canadian municipalities. The company now has $16,000 in annual recurring revenue, or ARR, and is on track to raise it to $250,000 by the end of the year. TotalPave is now raising $500,000 and has already lined up $150,000 from a lead investor.  

Another Fredericton company, WellTrack, is raising $1 million. The company, which went through a previous Propel accelerator in 2012, has developed software that helps organizations improve the mental health of its members, especially those suffering from stress, anxiety and depression.

COO Natasha O’Brien explained that the company has recently gained customers by tracking universities, where 45 percent of students experience depression at some point. Because of depression, about 20 percent of first year students drop out, costing Canadian universities about $14 million a year. WellTrack now has $260,000 in AAR and is on track to reach $1 million by year-end.

Garago of Moncton has developed software that simplifies the grant application process, both for the applicant and the organization issuing the grant. The company, which is looking for $500,000 in funding, can help the applicant find the right grants, complete the application and track it. CEO Francis Thériault said the company has two price levels, including a more advanced product for the enterprise market.  The product has already been used by 300 schools and by Canadian Tire, and it helped the New Brunswick government save $90,000.

In his speech, Grebenc said Propel will continue to evolve by offering virtual mentorship sessions to reduce the travel of its far-flung members. These livestreamed sessions would complement in-person meetings to retain the program’s community spirit.

By offering remote programing, Propel will be able to offer cohorts for companies in similar fields but based in different cities, thereby enhancing the benefits to the mentees.

Propel is now accepting applications to its next cohort. The applications are open until July 22.