Ottawa-based Fusebill Inc. has raised a C$2 million Series A round of financing from Canadian venture capital firms OMERS Ventures and Covington Capital. Earlier in 2013, the company secured investments from angel networks and the Federal Economic Development Agency for Southern Ontario. FuseBill provides software for automating invoicing, billing and collections for subscription-based businesses.
Fusebill Announces $2M Investment
Our newsletter subscribers know that we’ve been hinting at some exciting Fusebill announcements. Well we’re ready to let you in on the first of them– and it’s the biggest!
Fusebill has received a $2 million Series A investment from OMERS Ventures and Covington Capital.
“We are thrilled with the support of OMERS Ventures and Covington Capital” said Steve Adams, our CEO, and of course the whole Fusebill team feels the same way.
More and more businesses are turning toward subscription-based business models hosted in the cloud. In fact, Gartner Research expects that, by 2015, more than 40% of companies selling media and digital products will rely entirely on subscription management systems to manage their customer lifecycle.
This new investment gives Fusebill the resources to continue our rapid expansion, so businesses adopting subscription based business models have affordable access to business-critical capabilities.
Our focus on small-medium sized companies is one of the reasons both OMERS Ventures and Covington Capital found Fusebill attractive:
“Fusebill fills a big gap for small and medium-sized businesses that in the past haven’t been able to access or afford this kind of technology. This makes Fusebill a very compelling investment for OMERS Ventures.” Derek Smyth, Managing Director of OMERS Ventures.
“We are excited to partner with Fusebill’s complementary management team and OMERS Ventures in building this business.” Matt Hall, SVP Investments of Covington Capital.
All of us at Fusebill would like to send a big thank you OMERS Ventures and Covington Capital.
And don’t forget, this is only the first of our upcoming major announcements – keep reading to find out what’s next!
Photo courtesy of Shutterstock.