I N V E S TME N T ACT I V I T Y I N 2 0 2 0 Spo t l i ght on At l ant i c Canada
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trafficking, elder abuse and identity theft.
The next large funding announce- ment came in 2019 with the compa- ny raising Canada’s largest venture round with $515 million in funding from Information Venture Partners, Northleaf Capital Partners, BDC Capital and Teralys Capital, valuing the company at $1 billion and offi- cially bringing them to unicorn sta- tus. Today, Verafin provides the indus- try’s leading financial crime man- agement platform. Verafin’s soft- ware can be found in over 3,000 banks and credit unions across North America. Verafin takes pride in its product helping detect and prevent serious crimes like human
how money is transacted, while new technology such as artificial intelli- gence would help with fraud detec- tion efforts. In 2012, a total custom- er base of more than 975 financial institutions and a continued cus- tomer retention rate of 99%, sub- stantiating Verafin’s earlier thesis. In 2014, Verafin secured an addi- tional $60 million in financing from Spectrum Equity and $6 million from the provincial government to fuel their growth. That same year, they added more than 200 new customers and announced the third consecutive year of double-digit revenue growth.
The ability to grow Verafin in New- foundland is a key component of their mission. Verafin now sells to the biggest banks in the world. In 2020, Verafin was acquired by Nasdaq for US$2.75 billion, plus a $1 million investment from Nasdaq into the Genesis Centre at Memo- rial University. Newfoundland and Labrador was represented in Times Square, signalling a bright future for technology and innovation in the province. Verafin is an example of an Atlantic Canada-based software company that competes and wins globally.
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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