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Fundingportal


Crowdfunding | Toronto, ON | Founded: 2011 | Employees: 11-50 | ca.fundingportal.com

PHONE: (855) 850-3863 | LINKEDIN PROFILE | BLOOMBERG PROFILE | WIKIPEDIA

Last updated December 20, 2018 | To download a PDF version, click here

Company Overview

The Funding Portal Inc. (Fundingportal) provides SaaS solutions and funding services to funding agencies, accelerators, and advisory firms, and applicants. The business’ SaaS solution is termed “Fundsuite” and aggregates data on more than 15,000 sources of government funding (grants, incentives, and tax credits) and private sector funding (debt, equity, financing, capital and foundations) in Canada, the US, and the UK. It leverages AI to reduce the time applicants spend finding, applying and reporting to funds, and that funders spend managing grant processes. Additionally, Fundingportal leverages technology partnerships with both Microsoft and OpenText to offer simple SaaS connectivity via APIs and interoperability with enterprise systems. Fundingportal also offers services to applicants, including grant writing and custom professional reports identifying their top sources of funding.   

Senior Management

Teri Kirk: President and CEO (2011-Present). Previously: Vice President – Business Development, Bell Canada (1996-2000); Founder of two other ventures, Electronic Court house and Insured Claims (2000-2011). Education: Juris Doctor (Law), Osgoode Hall Law School; M.PPA, Queen’s University; Corporate Director and Senior Officer Certification, Investment Funds Institute of Canada (IFIC)

Karen Fournier: COO (2011-Present); Government Funding Workshop Leader, MaRS Discovery District. Previously: Columnist, Financial Post (2012-2013); Associate Editor, Hill Time Publishing (2010-2011). Education: B.A. Journalism, MBA, Concordia University.


History

With the venture space in Canada quickly growing, Kirk identified an opportunity to provide ventures with direct access to the Canadian government funding marketplace.[1] In 2011, Fundingportal was launched, and received an undisclosed initial funding from angel investor Michel Wylie of Societal Ventures. Following high growth throughout its early years, Kirk identified another opportunity: to allow these applicants to access private financing. On May 13, 2014, Fundingportal secured its OSC registration and launched its private financing services.[2] Large success in Canada did not stop Kirk; Fundingportal received $2.4M in a Series A funding round to fund its international jurisdiction expansion initiative into the United States.[3] On November 14, 2016, Fundingportal expanded its operations to the UK. On January 15th, 2018, Fundingportal received a second round of Series A funding valued at $3.0M.[4]

[1] http://www.marketwired.com/press-release/the-funding-portal-closes-angel-financing-round-1573940.htm
[2] http://www.marketwired.com/press-release/-1909387.htm
[3] https://fundingportal.com/blog/the-funding-portal-closes-2-4m-financing
[4] https://www.crunchbase.com/organization/the-funding-portal#section-recent-news-activity

Funding

On October 17, 2011, Fundingportal received funding via an Angel Investor round for an undisclosed amount from Michel Wylie of Societal Ventures. The funds were used to kickstart the venture, where they then received two rounds of Series A funding on July 14, 2014 ($2.4M) and January 15, 2018 ($3.0M).

Key Corporate Developments

Press releases: https://fundingportal.com/blog/media-coverage
May 3, 2018: Fundingportal and CNAM launch ‘Money for Municipalities’
Nov 14, 2016: Funding Portal adds UK to its North America-wide business incentives platform
May 13, 2014: Fundingportal Secures OSC Registration to Launch New Private Financing Service

 

Business Highlights

Strategy

Fundingportal leverages API and AI technology, as well as technology partnerships, to provide its services:

  • Technology: Fundingportal leverages APIs to allow its clients to quickly integrate its SaaS solution into enterprise systems. AI is also used as a key strategy to speed up the applicant verification process for clients
  • Partnerships: Fundingportal has entered into strategic partnerships with both Microsoft and OpenText to both build credibility and expand its product offerings. Fundsuite is hosted on Microsoft Azure Cloud, allowing for applicant and customer profiles to seamlessly be synched. OpenText ensures that Fundsuite is interoperable with enterprise systems. Fundingportal is also partnered with KPMG Canada to simplify the funding process for applicants [5]

[5] https://business.financialpost.com/news/kpmg-and-the-funding-portal-transform-delivery-of-industrial-support-programs

Products/Pricing

Fundingportal’s flagship product is its SaaS solution that allows funding providers, advisory firms and applicants to manage grant processes. However, Fundingportal also provides services to those seeking funds. 

  1. Solutions: Fundingportal offers its SaaS solution to funding agencies, accelerators, advisory firms, and large applicants to automate and manage processes through the entire grants lifecycle. Integration is done simply via APIs, and having the OpenText partnership ensures that Fundsuite can be easily integrated into enterprise systems. Pricing is variable based on size of use case.
  2. Services: Individuals looking for funds can use Fundingportal to determine the best source of financing recommended through a high-value research report as well as 1-hour consultation. These reports are valued from $750 to $25,000 depending on detail required and the amount of funding required. Fundingportal will analyze the applicants’ capabilities and work to determine suitable funding providers. It also offers grant writing services valued from $7500 to $15,000. 


Technology

AI and API technology is leveraged to build a SaaS software platform to automate grant management processes.

Distribution/Logistics

Fundingportal allows funding seekers to purchase services through their website. Funding providers can subscribe to the Fundsuite SaaS solution.

Marketing

Fundingportal markets itself through North American-wide venture associations and angel lists.

 

Competitors

  1. Fundica – (Canada) Canadian-based online funding tool that focuses on matching startups and SMEs in the technology space with adequate funding. Fundica is a web-based solution that connects applicants and funding providers via a proprietary search engine on its website.
  2. Mentorworks – (Cambridge, ON) is focuses primarily on connecting small businesses with Canadian government funding services. However, Mentorworks differentiates itself from Fundica by offering various funding advisory and consulting services.

 

Corporate Profile Created By: Andrew Pham, Ivey HBA2 2019