A St. John’s-based software company that helps corporations track and measure their social impact will receive Provincial Government support for its market expansion project.
The Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, today announced $67,325 in funding for NetBenefit Software Inc. The Provincial Government’s investment helps to leverage a $80,325 investment from NetBenefit for total project funding of $147,650.
NetBenefit’s software allows companies in the resources and energy sectors to track and manage their socioeconomic impact. NetBenefit began by designing a system to ensure that the benefits from the Voisey’s Bay Nickel Mine were being received by the local and Indigenous communities. According to the company, the project helped set the new standard for local content levels, project diversity and capacity building in the industry. Since this project, NetBenefit has expanded to other companies and communities across Canada.
Provincial Government support will assist the company with:
- Expansion across North America.
- Increasing its existing client base.
- Expanding its technology and reach beyond its current client base and diversifying its clientele.
NetBenefit currently has eight employees and is expecting to hire at least four more full-time employees as a part of this project.
This project is supported through the Business Development Support Program, which allows the Provincial Government to support small and medium-sized businesses that are committed to develop and grow their operations by improving operational productivity, focusing on trade opportunities and developing their markets.
Quotes
“Companies have always found it challenging to accurately track the socio-economic benefits of a project, and there is an ever-increasing demand for companies to demonstrate that benefit targets are being met. NetBenefit is providing a valuable service to both companies and stakeholders while also creating jobs in our province’s tech sector. I’m pleased we can support them as they continue to grow.”
Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology
“Having the provincial government support new and innovative businesses is a hallmark of this administration. I offer my congratulations and best wishes to this local company for their success to date here in the province and as it extends it business across the country.”
Honourable John G. Abbott
MHA for District of St. John’s East-Quidi Vidi
“We’re very fortunate to be building a company in an environment where we have such strong support, especially when we’re on such an important mission. With this investment, we’ll be able to increase the number of organizations using our software to move their projects forward in a sustainable and equitable way. We’re looking forward to expanding our reach and accelerating our growth.”
Matt Adams
CEO, NetBenefit Software
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Learn more
Business Development Support Program
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