WellTrack, the Fredericton company that provides online help with mental health issues, has been accepted into the prestigious 500 Startups accelerator in Silicon Valley – only the second Atlantic Canadian company to do so.
The accelerator group announced Wednesday through a post on TechCrunch that it had named 44 companies to its 20th cohort, one-third of them from outside the U.S. WellTrack – which has graduated from Atlantic Canadian IT accelerator Propel ICT not once but twice – was among the new group.
The only other company from the region to be accepted into 500 Startups was Moncton-based recruitment software company Alongside, which was known as Qimple when it attended the program in 2015.
Psychology professor Darren Piercey started WellTrack in 2010 to create an online tool to help treat mental health issues like anxiety and depression. After the company, whose official name is CyberPsyc Software Solutions, received funding in 2012, he hired Natasha O’Brien, who is now the company’s COO. Together, they altered the product and its target market so they are now making sales.
WellTrack is a product that helps organizations improve the mental health of its members, especially those suffering from stress, anxiety and depression. The company has had some sales to corporations, but it found a more responsive clientele in universities.
The reason is that depression and anxiety afflict about 45 per cent of university students in North America — more than double the percentage of the general population.
According to the company’s website, its clients now include University of Windsor, Ball State University, Providence College, Ryerson University, and University of California – Santa Cruz, among others.
WellTrack has an interesting history with accelerators. Piercey took the company through its first cohort of Propel’s first accelerator, Launch36. Then he and O’Brien enrolled in Propel’s Build program last year to help position the company to scale.
Early on in its existence, the company brought on funding from East Valley Ventures, and it has tapped New Brunswick Innovation Foundation a couple of times for money – most recently a $50,000 investment in the 2015-16 fiscal year. As a member of the 500 Startups accelerator, the company will receive some funding. O’Brien and Piercey last summer were looking to close a $1 million funding round.