The Canadian Business Growth Fund has made an undisclosed minority investment in Proposify, a Halifax, Nova Scotia-based proposal management software company. No financial terms were disclosed. The deal is CBGF’s first in Atlantic Canada.
TORONTO, June 9, 2020 /CNW/ – In keeping with its commitment to helping Canada’s entrepreneurs grow their businesses despite the challenges brought on by the COVID-19 crisis, the Canadian Business Growth Fund (CBGF) today announced its minority equity investment in Nova Scotia–based proposal-management software company Proposify. This marks CBGF’s first investment in Atlantic Canada.
At a time when many investors have put a hold on their activity, CBGF has chosen to lean into the crisis and continue to back entrepreneurs in Canada. “Proposify is the fourth investment we’ve announced during this period, reinforcing our commitment to helping mid-sized Canadian enterprises come out of this crisis stronger than they went in,” says George Rossolatos, Chief Executive Officer, Canadian Business Growth Fund. “While Canada has fostered many startups, scaling them into larger enterprises has been a challenge, and it’s even harder now. We believe this is the time to invest in great Canadian companies, and with our patient minority capital they can grow their businesses over the long term.”
Proposify’s software as a service (SaaS) solution streamlines the process of creating, sending, tracking, and e-signing proposals, contracts, agreements, and other sales documents. This helps sales teams scale their proposal process and quickly create impressive, interactive sales documents that stand out from the competition. “As sales teams grow, they often hit internal bottlenecks where content is spread out everywhere, proposals get sent with errors, and PDFs get lost in spam folders,” says Kyle Racki, Chief Executive Officer, Proposify. “Proposify is the modern way to create and send documents that communicate your company’s value in an interactive, engaging, error-free way, and it automates the process so deals close faster.”
Racki co-founded Proposify alongside COO Kevin Springer in 2013. Having recognized a need to make the proposal process easier and simpler, the pair sold their previous company, a web design agency, and dedicated themselves exclusively to building a SaaS solution. After more than a year of hard work and tenacity, the software began to gain significant traction. Today, Proposify’s software supports over 10,000 customers in 35 different countries. With 82 employees, the organization helps other companies focus on what matters most – growing their businesses.
CBGF’s investment will be used to help the company prepare for future growth and ensure its success continues into the post-pandemic world. “We’re thrilled to partner with CBGF because not only do they share our vision, but their mission of providing patient minority capital will allow us to stay in control of our business as we grow. We will also benefit from their guidance and expertise so we can continue to revolutionize the way companies sell, especially in a post-COVID-19 world,” says Springer.
Rossolatos agrees. “We believe Proposify can become an international success story and we’re excited to back Kevin, Kyle and their team with our first investment in Atlantic Canada. We have found Halifax to be a great entrepreneurial hub, and we look forward to exploring further investment opportunities in the region.”
About Canadian Business Growth Fund
The Canadian Business Growth Fund (CBGF) provides long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses with investments between $3 to $20 million. An evergreen investment fund with capital commitments of $545 million, CBGF is committed to long-term partnerships with the companies it invests in. As part of its mission to drive growth, CBGF connects business leaders and sector experts to help its partner businesses achieve their full potential. For companies seeking investment opportunities, please email us at email@example.com. To learn more, please visit us at www.cbgf.com.
Proposify’s software as a service (SaaS) solution streamlines the process of creating, sending, tracking, and e-signing proposals, contracts, agreements, and other sales documents. Proposify helps sales teams scale their proposal process, and quickly create impressive, interactive sales documents that beat the competition. To learn more, please visit us at www.proposify.com.