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REF NO.: 49
SUBJECT: Genesis client Oliver POS raises $3.2 million in seed funding
DATE: July 9
Oliver POS, a startup in digital payments headquartered in Newfoundland and Labrador, Canada, has raised $3.2 million (CAD) in seed funding from European investors.
The point-of-sale (POS) solution for WordPress’ e-commerce plugin and a client of Memorial University’s innovation hub, Genesis, is taking aim at the surge in merchant technology digitalization amidst the global COVID-19 pandemic.
According to Startup Genome, the median seed investment in Atlantic Canada is $674,000 (USD). Oliver POS’ significant investment round positions the company as one of the best-funded technology startups at its stage in the region.
“Atlantic Canada’s financial technology industry has seen significant growth in recent years,” said Alicia Roisman Ismach, financial technology expert and entrepreneur-in-residence at Venn Innovation.
“In 2019, Newfoundland-based Verafin, a global leader in financial crime management systems for banks, closed $515 million (CAD) in financing – the largest venture capital investment in Canada. With the newly announced seed round, Oliver POS is setting a new standard for early stage financial technology startups in our region.”
Founded in 2018 by Mathias Nielsen after experiencing the limitations of POS solutions first-hand as a store owner, Oliver POS is already serving clients in more than 70 countries and works in partnerships with top global processors.
Oliver POS joined Memorial’s Genesis in 2019, becoming a part of the popular Enterprise incubator program.
“We're incredibly excited to see this kind of investment activity from one of our clients,” said Michelle Simms, president and CEO of Genesis. “During a challenging economy, this demonstrates the strength and versatility of technology companies in Newfoundland and Labrador, and their ability to rise to the occasion.”
“The COVID-19 crisis has accelerated the need for retail digitalization beyond the original scope of e-commerce,” said Mr. Nielsen. “For small- and medium-sized enterprises, multi-channel frictionless payments are not only about convenience, but survival.”
Oliver POS intends to use the funds to further develop its technology and continue its fast growth with new services and partnerships.
About Oliver POS
We aim to revolutionize the future of the point of sale (POS) industry. At Oliver POS, we understand the potential of point of sale software and all that it can accomplish for shop owners and customers alike. Our goal is to raise it to the next level and provide shop owners with the freedom and convenience to successfully run their unique business. With its endless possibilities for customization, we strive to make Oliver POS the most versatile and accommodating POS on the market.
As Newfoundland and Labrador’s pre-eminent innovation hub, Genesis is known for its flagship incubator program, Enterprise, which began more than 20 years ago. Since its inception, Genesis has expanded its programming to support startups from the ideation stage all the way to scaling their business. Genesis’ mission is to create economic wealth for the province by developing and supporting technology entrepreneurs.
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