Nasdaq donates $1M USD Donation to Genesis to Support the Development of Local NL Tech Startups
February 1, 2022, St. John’s, NL, Canada – Today, Genesis , Newfoundland and Labrador’s pre-eminent innovation hub, announced that it has received a donation of $1M USD from Nasdaq. This donation will be vital for Genesis in its endeavours to strengthen and accelerate the innovation ecosystem in the province and comes as part of Nasdaq’s acquisition of Newfoundland and Labrador based anti-financial-crime company Verafin.
“Genesis is an integral component of the strong entrepreneurial ecosystem at Memorial University, and Verafin’s success demonstrates that with the right support, start-ups can incubate, flourish and grow to world-class enterprises right in our own backyard,” said Dr. Vianne Timmons, OC, President of Memorial University. “With this investment, Genesis and Memorial are better positioned to assist our entrepreneurial students and graduates whose innovative companies contribute to the economic viability of our province and beyond. Thank you to Nasdaq and Verafin!”
“This donation from Nasdaq is a huge honour and privilege for Genesis, and will benefit our province for a long time to come. Verafin and Nasdaq together are deeply committed to giving back to their community, so this donation is a testament to their vision of seeing more amazing companies follow in Verafin’s footsteps,” said Michelle Simms, president & CEO of Genesis. “We are unbelievably grateful for Nasdaq’s generosity, and we can’t wait to see the positive local impact to come.”
“Nasdaq’s investment in Genesis will accelerate growth in Newfoundland and Labrador’s technology sector, fostering prosperity throughout our province,” said Jamie King, chief executive officer, Verafin. “Genesis started us on the path that led Verafin to become a Nasdaq company and the global leader in anti-financial crime solutions. By supporting other technology entrepreneurs as they start their journey, Nasdaq and Verafin are committed to continuing to strengthen the local innovation ecosystem and create new opportunities within our community.”
“We see great potential in the innovation ecosystem of St. John’s,” said Jailan Griffiths, president of the Nasdaq Foundation and Head of Purpose, Nasdaq. “At Nasdaq we champion inclusive growth and combat financial crime through innovative technology. As part of that mission, it is vital to partner with organizations like Genesis to support and foster the next generation of talent that will lead inclusive technology journeys for economies and communities worldwide.”
Since its inception 25 years ago, Genesis has supported start-ups from the ideation stage through to scaling their businesses. With a strategic focus on advising and guiding startups facing common challenges in their early years, the funds from Nasdaq’s donation will be allocated towards:
Strengthening the Enterprise microfund, which will give much-needed early capital to regional ventures entering Genesis’ three-year Enterprise Incubation Program
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 creating a program around diversity, equity & belonging in the local tech community
About Genesis
Genesis, established in 1997 as a wholly-owned subsidiary of Memorial University, exists to help build amazing companies. Genesis strengthens founders through resources, programming, connections and accountability. Now in its 25th year, Genesis clients and graduates have raised more than $644 million in private investment, generate more than $220 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. Our 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 us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
About Verafin
Verafin, a Nasdaq company, is the industry leader in enterprise 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 www.verafin.com, email info@verafin.com or call 866.781.8433.
For more information, please contact:
Memorial University
Dave Sorensen
sorensen@mun.ca
Mobile: 709- 687-7134
Genesis
Annagray Campbell
acampbell@genesiscentre.ca
Mobile: 709-864-4721
Nasdaq
Yan-yan Tong
yan-yan.tong@nasdaq.com
+1 240 721 8066
Verafin
Molly Baker
molly.baker@verafin.com
1.877.368.9986
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