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FedDev Ontario Announces Support for Innovative Philanthropy-Driven Software Company
February 26, 2016 – Waterloo, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Today, the Honourable Bardish Chagger, Minister of Small Business and Tourism and Member of Parliament for Waterloo, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced up to $730,000 to help a Waterloo-based software developer market its philanthropy-driven technology to financial institutions across North America.
Formulating Change Inc. has developed ChangeIt, a software platform that revolutionizes charitable giving. It provides customers with an option to round up credit or debit card purchases to the nearest dollar, seamlessly donating money to charitable organizations of their choice. The company has already secured agreements with financial institutions such as BMO Canada and the Royal Bank of Canada.
Funding for this project will help accelerate Formulating Change Inc.'s go-to-market strategy by hiring a sales team to market ChangeIt to financial institutions in Canada and the United States, all of which will be able to offer the platform to their customers.
The Government of Canada's repayable contribution is through FedDev Ontario's Investing in Business Innovation initiative, which is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
- Formulating Change Inc. is leveraging $1.46 million in angel investment from members of the MaRS Angels and Golden Triangle Angel Network (GTAN).
- The company expects to create 10 jobs and maintain 12 jobs in the Waterloo region over the course of the project.
- Since its creation in August 2009, FedDev Ontario has committed more than $141 million to 120 projects in the Waterloo census division. This is anticipated to result in more than $240 million in funds leveraged to support businesses, organizations and communities.
"We are proud of the work Formulating Change Inc. is doing to take philanthropy into the 21st century and share its ideas with the world. It is software that will positively impact people's lives. Supporting our businesses is vital to the economic growth of our country."– The Honourable Bardish Chagger, Minister of Small Business and Tourism and Member of Parliament for Waterloo
"The Government of Canada is committed to supporting tech entrepreneurs as they work to reach new heights and compete on the world stage. Today's investment is not just helping drive innovation that creates jobs. It will make it easier for consumers to help make a difference, through donations to the charities of their choice."– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario
"The FedDev Ontario contribution will enable Formulating Change Inc. to leverage up to $1.46 million through angel investors and will accelerate growth opportunities exponentially for the company. Partnering with the Government of Canada on this project means creating an opportunity for charitable giving to be a part of everyday transactions for consumers across North America."– Dave Beaton, President, Formulating Change Inc.
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Hon. Bardish Chagger Federal Economic Development Agency for Southern Ontario Economics and Industry
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