Local tech firm CoLab made a bit of history this week becoming the first Atlantic Canadian company to be accepted into a prestigious accelerator with a record of successful startups.
The St. John’s-based firm, founded by CEO Adam Keating and COO Jeremy Andrews, were invited to join Y Combinator, an accelerator also used by Airbnb, Dropbox, Reddit, and Twitch.
With a portfolio worth over $100 billion and an acceptance rate of approximately 1.5 per cent, Y Combinator ranks as one of the most competitive and successful accelerator programs in the world.
In joining Y Combinator, CoLab expects to double the size of its team before the end of the year in order to meet growing customer demand, the company said in a news release.
It also allows the company to access seed financing, acquire customers, and connect with global investors and mentors all while accelerating the development and growth of the company and its proprietary software Gradient, which seeks to streamline the process of communication and the sharing of information between project team members by centralizing project information, issues and management in a single platform that is accessible through a web browser.
Since securing $600,000 in pre-seed financing from a trio of investors last year, CoLab has doubled in size to 14 employees and is already working with some of the largest automotive and industrial companies in the world.
With plans to onboard a number of industry leaders in the next six months, CoLab is expanding its team with open positions in software development, QA, IT/Security, engineering, digital marketing, sales and customer success.