Allocadia Software Inc., a Vancouver, British Columbia-based provider of cloud software for marketing operations, has closed a C$1 million seed round. Proceeds from the deal, which involved Canadian venture capital firms Beehive Holdings and iNovia Capital, as well as local entrepreneurs, will be used to accelerate the company’s growth. Nanon de Gaspé Beaubien-Mattrick, President and Founder of Beehive, also joined Allocadia’s board. Beehive focuses on women entrepreneurs, offering them coaching, capital and a connected network.
Allocadia Raises $1 million to Accelerate Growth
Seed Round Attracts Industry Veterans and VC Investment
Vancouver, BC – January 30, 2013, Allocadia Software, the leader in cloud software for Marketing Operations, today announced the closing of a $1 million seed round led by Beehive Holdings and iNovia Capital, and including some of British Columbia’s leading technology industry veterans.
Allocadia has grown organically since launching its cloud software service in 2010, winning deals with leading enterprise Chief Marketing Officers across diverse sectors. The proceeds of the round will be used to continue building the team across key functions, as well as accelerating the company’s go-to-market investments.
Nanon de Gaspé Beaubien-Mattrick, President and Founder of Beehive Holdings, has joined Allocadia’s board. Beehive invests in high-growth technology companies in Silicon Valley, Seattle, and Vancouver. Nanon’s prior experience as Vice President of Telemedia Corporation, and her advocacy of women in technology makes her a strong addition to Allocadia’s board. She joins co-founders Kristine Steuart and Katherine Berry.
“As a bootstrapped company, Allocadia has landed extraordinary global brands as customers, and made them happy, renewing customers,” said Nanon de Gaspé Beaubien-Mattrick. “The team has executed very effectively, and now have aggressive growth plans to scale the business. Beehive is pleased to support two of Vancouver’s brightest young women entrepreneurs.”
Seed round investors also include: Patrick Lor, co-founder of iStockphoto; Rasool Rayani and Geordie Henderson, co-founders of Metalogix; David Arnsdorf, founder of Neverblue; Norm Francis, ex-Chairman and CEO of Pivotal Corporation; and Don Mattrick, founder of Distinctive Software (acquired by Electronic Arts) and currently President of Microsoft’s Interactive Entertainment Business.
“Kristine and Katherine saw a business pain and set out to solve it. They have successfully developed a product that is focused on helping companies improve their return on marketing investment,” said Kevin Swan, Principal at iNovia Capital. “Allocadia has created significant traction with customers in an exciting market – selling technology to the Chief Marketing Officer. We’re thrilled to work with them and help scale the business.”
“We are thrilled to have attracted a group of investors who understand what it takes to build successful technology businesses over the long term,” said Kristine Steuart, CEO and co-founder of Allocadia. “With their support, Allocadia will capitalize on the fast-growing market of enterprise cloud-technology for the CMO.”
About Allocadia Software
Allocadia provides cloud software for Marketing Operations giving marketers complete visibility into all investments and all results, whatever the source. Enterprises see immediate financial benefits by re-allocating marketing budgets to the highest-performing marketing programs. Customers include F5 Networks, Juniper Networks, SENSA Products, Stepstone and Trimble. For more information, visit http://www.allocadia.com or follow @allocadia.
About Beehive Holdings
Beehive Holdings makes early stage investments of 4S’s — Seed money, Support, Social capital, and Space – into innovative and high growth technology businesses that are led by women or offer products or services that women buy. Visit http://www.beehiveholdings.com.
About iNovia Capital
iNovia partners with exceptional entrepreneurs to build successful companies in high-growth sectors. The team is comprised of entrepreneurs and sector experts focused on Mobile, Internet and Digital Media. iNovia has $275M under management across three seed and early-stage funds. For more information, visit http://www.iNovia.vc or follow iNovia on Twitter at http://www.twitter.com/iNovia.
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