PhenoTips Pledges 1% Equity to Support CORD, CHEO Foundation, and SickKids Foundation
Toronto, Ontario: PhenoTips, producer of the leading software solution for medical genetics, is proud to announce the pledge of 1% of their equity to the Upside Foundation of Canada in support of CHEO Foundation, SickKids Foundation, and the Canadian Organization for Rare Disorders (CORD).
The Upside Foundation of Canada is a registered Canadian charity that makes embedding social responsibility into high-growth, early-stage companies simple and effective. As the Canadian partner of the Pledge 1% movement, The Upside Foundation has empowered over 350 Canadian startups to pledge 1% of their equity to a charity of their choice, which is converted to a cash donation upon a liquidity event, resulting in $2.9M donated to Canadian charities to date.
Impressed by The Upside Foundation’s mission to embed philanthropy into company DNA, PhenoTips chose to join Upside’s community of impact-driven companies.
“PhenoTips was founded to advance rare disease research and diagnosis,” said PhenoTips’ CEO Dr. Orion Buske. “In order to stay true to our roots as we grow, it’s important that we give back to our founding communities by embedding social commitment in a way that aligns with our expanding vision, and the most effective way to strengthen this commitment is through equity.”
The decision to split the equity donation between the SickKids Foundation, the CHEO Foundation, and CORD was made in order to honour PhenoTips’ roots.
PhenoTips’ founding team originated at SickKids, and the company itself arose from a collaborative project with SickKids. In addition, SickKids’ mission to improve outcomes for childhood cancers and diseases as well as their advocacy and leadership in the adoption of genomic medicine deeply resonated with PhenoTips’ own.
CHEO has partnered with, and helped shape, PhenoTips since the company's origins. As global leaders in rare disease research and genomic medicine, CHEO has acted as a hub of national rare disease projects that PhenoTips has been proud to support, including Care4Rare, SOLVE-RD, and Genomics4RD.
Finally, as the Canadian patient advocacy organization for rare disorders, CORD has been a strong supporter of PhenoTips’ work as well as an active leader in the efforts to improve the lives and reduce diagnostic odysseys of individuals living with rare diseases.
“Ultimately, improving outcomes for patients with rare disease and inherited conditions has always been fundamental to why PhenoTips exists,” said PhenoTips’ COO and VP of Scientific & Medical Affairs Dr. Pawel Buczkowicz. “Today, with our pledge, we are further committing to support and give back to the community that inspired our very existence.”
By pledging this donation to the SickKids Foundation, the CHEO Foundation, and CORD, PhenoTips is reinforcing the company’s core values by supporting the advancement of rare and genetic disorder research, as well as supporting the researchers and clinicians who are driving genomic medicine forward and expanding its application and availability to improve diagnosis and care.
In light of PhenoTips’ pledge, the Upside Foundation stated: “We are pleased to welcome PhenoTips to the growing community of Canadian startups who are making meaningful commitments to corporate social responsibility by pledging donations of equity and sharing their success with their communities. Congratulations to the founders of PhenoTips for exemplifying their Upside pledge by supporting diverse charities during rare disease awareness month."
With the recent closure of PhenoTips’ seed fundraising round, the company is experiencing rapid growth and expanding into health systems across Canada, the US, and the UK. Thanks to the Upside Foundation, PhenoTips’ trajectory indicates this pledge could have significant value in the future, with real world implications for the advancement of genomic medicine research as well as rare disease patient advocacy through the work CORD, the CHEO Foundation, and the SickKids Foundation do.
About PhenoTips: PhenoTips is the leading software solution for medical genetics. Founded in 2014 out of a research project at The Hospital for Sick Children (SickKids) and the University of Toronto, PhenoTips’ software addresses the challenges commonly faced in medical genetics with a single solution, while preparing clinics for the proliferation of genetic testing into mainstream healthcare. PhenoTips’ solutions support multiple Canadian provincial health authorities, UK NHS Trusts, individual hospitals in four countries, and genetics industry leaders including Regeneron and Genome Medical. Learn more about PhenoTips at phenotips.com
About The Upside Foundation of Canada: The Upside Foundation of Canada brings the Canadian tech and innovation community together to build social responsibility into their business in a way that is simple and effective. Founders of early-stage, high-growth companies are empowered to share their success with their communities by donating stock options or warrants, which, upon successful liquidity event, convert to a donation to the charity of their choice. Learn more about The Upside Foundation of Canada at upsidefoundation.ca