Franklin Templeton and EvoNexus Create Silicon Valley’s Newest Fintech Incubator
SAN MATEO, Calif.--(BUSINESS WIRE)--Oct 14, 2019--
EvoNexus, Southern California’s most successful technology startup incubator, is pleased to announce it has expanded to Silicon Valley with the opening of a Fintech Incubator, with founding sponsor Franklin Templeton. The new incubator will be housed at a 13,000 square-foot facility in San Mateo on Franklin Templeton’s campus, about 20 miles south of San Francisco. The Silicon Valley incubator, like the other EvoNexus locations in San Diego and Orange County, is a non-profit organization. Startups admitted into the Fintech program will each receive $150,000 (SAFE) in seed funding from Franklin Templeton. The grand opening celebration will take place on October 15 th at the new incubator.
The new Silicon Valley incubator will utilize the unique model EvoNexus has developed over the last decade, including two years of residency, individualized milestone-based programming, and an only 1% equity requirement from startups. Entrepreneurs are able to leverage the 200+ venture capitalists that have already invested in EvoNexus portfolio companies, the 50+ major corporate sponsors on the EvoNexus board, and strong partnerships with some of the world’s top-ranked universities. EvoNexus’ entrepreneur-first mentality has led to over 85% of its companies receiving funding, $1.8 billion in overall funding and outcomes, and 27 acquisitions.
“The creation of this new incubator was the fulfillment of a shared vision from Franklin Templeton and EvoNexus that Silicon Valley would embrace a new incubation program focused on Fintech and Deep-Tech startups,” said EvoNexus CEO and Co-Founder Rory Moore. “For many years, Franklin Templeton has followed the development of incubators around the country and has selected EvoNexus as its partner to launch an early stage innovation program on its San Mateo campus. EvoNexus has developed an incubation program that can now be replicated in other regions. I am optimistic that our collaboration with Franklin Templeton and other supporting sponsors will repeat the success that we have achieved in Southern California.”
Joe Boerio, Chief Technology Officer, Investment Management Data Science, Fintech & Rapid Development for Franklin Templeton, said, “This is an exciting opportunity for Franklin Templeton. Alongside EvoNexus, we will be working closely with promising startups in our new purpose-built Fintech incubator facility. We will be well positioned to leverage the best Fintech product and services to improve business outcomes and drive growth. The incubator will be a great source of technology building blocks that will enable and accelerate our efforts in becoming the investment firm of the future.”
EvoNexus and Franklin Templeton are focused on finding and admitting Fintech startups in the following core technology areas: artificial intelligence/machine learning, bank/wealth/payment technology, capital markets technology, cybersecurity, blockchain, mobile payments, P2P lending, digital cash, InsurTech, RegTech, data science, predictive behavior analytics and key telecommunication enablers, such as 5G, IoT and edge computing, that will have an impact on digitization of financial transactions and banking.
Startups that apply will be considered for admission into the EvoNexus Fintech incubator and may be considered for collaboration opportunities with Franklin Templeton, including early business unit exposure, technology steering, and potential Beta customer trials and early stage funding.
For more information, and to apply now, visit EvoNexus at www.evonexus.org.
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization operating as Franklin Templeton. Franklin Templeton’s goal is to deliver better outcomes by providing global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the Company has expertise across all asset classes, including equity, fixed income, alternatives and custom multi-asset solutions. The Company’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With employees in over 30 countries, the California-based company has more than 70 years of investment experience and over $692 billion in assets under management as of September 30, 2019. For more information, please visit franklintempleton.com.
EvoNexus is Southern California’s leading startup incubator with locations in San Diego, Orange County, and Silicon Valley. We enable motivated entrepreneurs to turn their transformative technologies into fundable, commercially viable companies. Since 2010, $1.8 billion in funding and acquisition outcomes have been achieved by EvoNexus startups. A total of 27 EvoNexus startups have been acquired since 2013. EvoNexus is supported by corporate investors, including some of the largest multinational corporations in the world. Its companies enjoy incubation of up to two years in Class A offices and dry lab spaces. For more information, please visit evonexus.org.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191014005358/en/
CONTACT: EvoNexus Press Contact:
+1 (408) 438-3118
Franklin Templeton Press Contact:
Mara Bernstein, Prosek Partners
+1 (646) 818-9278
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: DATA MANAGEMENT BANKING TECHNOLOGY PROFESSIONAL SERVICES PHILANTHROPY SMALL BUSINESS OTHER TECHNOLOGY SOFTWARE FOUNDATION HARDWARE FINANCE
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PUB: 10/14/2019 11:00 AM/DISC: 10/14/2019 11:01 AM