Montréal software company Sofdesk has raised $3 million in a Series A financing led by EnerTech Capital, an investor in Canadian and U.S. energy and power sectors. EnerTech was joined in the round by BDC Capital‘s ICE Venture Fund. As a result, EnerTech Managing Director Wally Hunter will join the company’s board. Founded in 2013, Sofdesk provides technology that helps reduce soft costs for solar installation and roofing businesses and is developing solutions for the insurance and utility sectors. Led by CEO Lennie Moreno, the company plans to use the funds raised to expand and scale its platform in target markets and add to its team.
EnerTech Capital Leads Investment in Montreal-based Cost Efficiency Software Company Sofdesk
February 22nd 2017, Toronto, Philadelphia – EnerTech Capital (“EnerTech”) is pleased to announce today that it has led a $3 Million CDN Series A financing along with Co-investor, BDC Venture Capital. In conjunction with the investment, Managing Director, Wally Hunter will join the Sofdesk Board.
Sofdesk is an emerging software company that helps reduce soft costs in multiple markets for Solar and Roofing installation and Utility Customers. Sofdesk offers a unique sales acceleration platform, allowing companies to scale much quicker and strengthen their infrastructure through automation of sales leads, data and advanced quoting tools. The company’s main product lines currently include SaaS-based software platform for solar installers (Solargraf) as well as a SaaS application for roofing companies to source new business (Roofgraf). The company is also developing software solutions for future platforms including the Insurance and Utility sectors.
Residential solar projects are known to take hundreds of man-hours of effort: sales, marketing, financing, design, procurement, installation and operations tasks all performed by stakeholders across multiple companies. Sofdesk addresses these costs by reducing customer acquisition costs and installer overhead. It also facilitates the sourcing of financing options.
“We are pleased to back this young, innovative and very entrepreneurial team. With limited capital to date, they have demonstrated the ability to grow their business and have built a customer base of over 617 solar installers and have developed a strong positioning of their software products in multiple markets. This round of financing will help the company expand and scale its software data platform into these new markets and build on their existing management team. Our investment in Sofdesk represents our 12th investment in EnerTech IV and the company has great synergies with many of our Strategic LP’s and existing portfolio companies” said Wally Hunter, Managing Director EnerTech Capital.
“The BDC Capital ICE fund is pleased to support an extremely talented team of young entrepreneurs in the high growth solar industry as Sofdesk now has received the capital to rapidly expand its footprint across North America,” says Tony Van Bommel, Senior Managing Partner of the Industrial Clean and Energy Technology Fund.
“We are thrilled with the traction that Sofdesk has gained in such a short period of time and I believe that with this recent round of financing, our ability to grow the company will increase significantly across our respective markets. The innovative mix of our unique sales acceleration solutions, combined with a highly talented team and experienced value added investors EnerTech & BDC Capital, Sofdesk will be well positioned for growth” says Lennie Moreno, CEO of Sofdesk.
Sofdesk is a leading software company offering sales acceleration for multiple markets including solar, roofing and utilities. By offering an all-in-one solution, Sofdesk allows companies to scale much quicker and strengthen their infrastructure through project management, automation, sales leads, data and advanced quoting tools.
About EnerTech Capital
EnerTech Capital invests in companies that offer products or services that dramatically improve the profitability of producing or consuming energy. Founded in 1996, the firm has managed approximately $500 million and has delivered over 35 exits. EnerTech Capital is currently investing out of its fourth fund and has offices in Philadelphia, Toronto, Montreal, Calgary and San Francisco.
For more information, please visit:
Contact: Wally Hunter, [email protected], 416-383-8563
About BDC Capital
With more than $2 Billion under management, BDC Capital is the investment arm of BDC, serving as a strategic partner to Canada’s most innovative and high potential firms. It offers a range of equity, venture capital and flexible growth and transition capital solutions to help Canadian entrepreneurs scale their businesses into global champions. To find out more, visit bdc.ca/capital.
Photo courtesy of Sofdesk