Genesis Unveils Nasdaq Genesis Microfund
August 17, 2023, St. John’s, NL, Canada – Genesis is renaming its microfund, established in 2019 to seed early-stage ventures, to the Nasdaq Genesis Microfund. Genesis is using funds from the 2022 donation of $1M USD from Nasdaq to replenish its’ existing microfund for Enterprise client companies. Upon entry to the flagship incubator program, Enterprise startups have access to $25,000 for eligible expenses, and the new iteration of the microfund now allows startups to access an additional $25,000 during their tenure in the Enterprise program.
Enterprise is Genesis’ flagship program, which helps develop growth stage startups from their first customer to $1M in annual recurring revenues. The Nasdaq donation was previously announced as part of their acquisition of Verafin, a global leader in the anti-financial crime software market and a Genesis alumnus. Recognizing the unique potential of the Newfoundland & Labrador startup community, Verafin’s acquisition included a donation of $1M USD to Genesis to benefit the continued development of local tech entrepreneurs.
“Nasdaq’s historic donation is having an immediate ripple effect in our startup ecosystem. The founders of Verafin wanted this donation to directly benefit Newfoundland & Labrador startups with crucial early stage capital, and the Nasdaq Genesis Microfund allows us to do just that.” said Michelle Simms, President & CEO of Genesis. “It’s amazing to see companies like Verafin come full circle and be in a position to seed the next generation of this province’s business leaders.”
”We’re thankful to be able to support the next generation of Newfoundland and Labrador entrepreneurs in their business journeys.” said Brendan Brothers, Interim Head, Anti-Financial Crime, Nasdaq and Co-Founder of Verafin. ”Investing in local start-ups fosters greater innovation, strengthens the province’s technology industry, and positively impacts our economy.”
In addition to the microfund, the donation will also be allocated towards vital educational initiatives aimed at empowering founders, such as:
Delivering a Financial & Investment Readiness Training Program to educate founders on the complex and unique financial best practices for early-stage ventures, as well as how to attract investment
Launching a Startup Resource Hub, which will include documentation, resources and information targeted towards early-stage startups
·Building awareness and expanding the program around diversity, equity & belonging in the local tech community
About Genesis
Genesis, established in 1997, exists to help build amazing companies. Genesis strengthens founders through resources, programming, connections and accountability. Genesis clients and graduates have raised more than $680 million in private investment, generate more than $250 million in revenues annually and created more than 2,500 jobs. Genesis alumni are among some of the top companies in Canada, including Verafin, Rutter, Mysa, Virtual Marine and Genoa Design. To learn more about Genesis and its innovative programming, visit https://www.genesiscentre.ca/.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Their diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit them on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
About Verafin
Verafin, a Nasdaq company, is the industry leader in enterprise Anti-Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. More than 3500 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. To learn more, visit them on www.verafin.com or LinkedIn.
For more information, please contact:
Genesis
Annagray Campbell – Manager, Community Engagement
acampbell@genesiscentre.ca
Verafin
Andrea King – Director Media Relations
Andrea.king@verafin.com
709-725-4788