HALIFAX – A Halifax tech incubator is tripling in size to become what the province says will be one of Canada’s largest technology hubs.
Nova Scotia Premier Stephen McNeil announced $2.25 million in funding Tuesday for Volta Labs over three years.
“This funding will give more entrepreneurs in Nova Scotia the support they need to start great companies,” McNeil said. “It will also help our vibrant startup community continue to grow.”
Volta’s space in a downtown office building is expanding to 60,000 square feet, from 20,000, allowing more space for startups, as well as an event space.
Volta Labs, established in 2013, says more than 50 early stage companies have worked out of its Maritime Centre space, and 70 per cent of its companies are still in business.
It says those companies have raised more than $50 million in equity funding and currently employ more than 290 full-time staff.
Jesse Rodgers, CEO of Volta Labs, said in a statement the money allows it “to be the place where high-potential founders come together, learn from each other, and build globally competitive companies.”
“This investment will help us support entrepreneurs and create a home for the technology community in Halifax,” he said. “This is key to building Halifax’s innovation district.”
Since launching in 2013, Volta has received more than $6 million in funding, including $3.1 million from the province and another $2.9 million from the Atlantic Canada Opportunities Agency.
Volta offers various programs and support to resident startups, such as sales and marketing training, design resources and one-on-one sessions with in-house experts in finance, legal, public relations and other areas.
The tech incubator also hosts retreats to help entrepreneurs “get away from it all to recharge and provide support to each other,” according to the website.