PrairiesCan Invests $2.6M to Fuel Co.Labs’ Next Phase of Startup Acceleration

_{Pictured (left to right): Alex Shimla, Rob Ziola, Andrew Fraser, Jean-Paul Lapointe, Jason Heit, Arielle Hamp, Jordan Gadd, Allie Degenstein, Gracen Steeg, Graeme Jobe}

_‍PrairiesCan has renewed its commitment to Saskatchewan’s burgeoning tech sector with a significant $2.6 million investment over three years in Co.Labs, Saskatchewan’s leading tech incubator. Announced live at Uniting the Prairies, 2024 this funding will support Co.Labs’ ongoing operations and new flagship XiR program.

Since launching in 2017, Co.Labs has incubated over 200 startups that have collectively raised $37 million in private investment, generated over $60 million in revenue, and created over 800 jobs.
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XiR Program: Co.Labs’ Big Bet on SK Startups

The XiR (X in Residence) program addresses a present ecosystem gap, enabling Co.Labs to support Saskatchewan’s highest-potential startups much further into their growth journey. The program is resourced to draw exclusively from North America’s top functional-area experts to form the strongest roster of mentors ever made available to SK startups. 
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Current XiRs include:

• Nick Gray: CEO of MapMind and former VP Product at Humi & Drop. Nick specializes in product development and long-term strategy. He recently led 1:1 workshops with Co.Lead executive teams to refine their product vision and strategic planning.
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• Michael Gaudet: Fractional CMO at Eighty Twenty CMO and former Head of Performance Marketing at Neo Financial & Harvest Builders. With a background in marketing, Michael helps startups refine their ideal customer profiles and scale their marketing efforts, a crucial step for driving revenue growth and preparing for Series A investment.
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Co.Labs’ current XiR roster covers several areas key to scale-up success, from raising venture investment and operational finance to long-term product vision, pricing, and digital marketing at scale. Once fully built out, this roster could extend to many other potential areas such as  go-to-market strategy, sales operations, AI integration, cybersecurity, and scaling product teams. Each XiR is selected for their startup experience, depth of insight, and willingness to roll up their sleeves and deliver hands-on support tailored to each startup’s complex journey, from initial traction to product-market fit.

“Nick’s expertise was incredibly valuable for EMS at our stage of growth. With the number of customers and sites we serve, we needed Nick’s scale-up experience to build the right product roadmap. EMS would grow moderately fast without this support, but initiatives like the XiR program set us up with the potential to increase our growth tenfold.” Steven Siciliano, CEO and Co-Founder of Environmental Material Sciences (EMS)

PrairiesCan’s Enduring Support

On continuing PrairiesCan’s support that dates back to 2017, Minister Dan Vandal stated,

“This investment is about fostering the entrepreneurial spirit and ensuring that Saskatchewan’s tech sector can compete on a global scale. Co.Labs has a proven track record, and we are excited to see what the future holds with the XiR program.”

PrairiesCan’s investment also supports the continued success of Uniting the Prairies (UP). This annual event brings together startups from across Saskatchewan, Alberta, and Manitoba with venture investors from across North America to catalyze investment and showcase the Prairie tech sector. UP25 is set to take place in Saskatoon in May of 2025.
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Saskatchewan’s Next Wave of Breakout Startups

_{Pictured: Co.Labs team & Co.Link + Co.Lead founders}

This next era of Co.Labs programming will be laser-focused on its mission to help exceptional founders and teams to navigate the path from idea to product-market fit. New initiatives like the XiR Program position Co.Labs to help SK’s next wave of high-impact startups navigate make-or-break decisions, achieve significant traction, and secure crucial financing. Their success will, in turn, drive innovation and economic growth in the region and continue Saskatchewan’s transformation into a leading Canadian tech hub.

For more details on PrairiesCan’s investment and its impact on Co.Labs, read the full press release here.