OTTAWA, Nov. 10, 2015 /PRNewswire/ - The Better Software Company, a recent graduate from the L-SPARK Accelerator program, announced today an additional $1.35 Million in funding led by ff Venture Capital, a U.S. based Venture Capital firm, with participation by Mistral Venture Partners and additional local angel investors. This closes the seed funding round and brings the total amount raised to $2.1 Million.
The Better Software Company has seized the opportunity to create a unified and simple new business management software application for 10's of thousands of small and medium sized businesses (SMB's) operating in numerous micro vertical industries, including party rentals, window washing, auto detailing, etc. Since joining L-SPARK in January 2015, revenues have grown more than 15x, with a consistent rate of 35% month over month growth.
"With the additional financing, we are really excited to get to work and create even better business software tools for our customers," said Steve Cody, Founder and CEO of The Better Software Company.
The SMB landscape equates to a $21 billion total addressable market opportunity for The Better Software Company, and their innovative new software gives them a clear first-mover advantage. Early investors recognized their unique solution and target market, as well as their ability to scale fast, as key indicators for future success. While unusual for a Canadian company to attract the attention from investors south of the border at such an early stage, ff Venture Capital was keen to get on board.
"ff Venture Capital is proud to be an investor in The Better Software Company. The passion that Steve Cody and his team have for making small businesses more efficient has impressed us from the first time we met. As investors in early-stage companies, we understand the need for this solution, and are pleased to help the company continue its success," says Alex Katz, Partner/CFO, ff Venture Capital.
The Executive leadership team in the company is now growing as well. Laurie Davis, active angel investor and founder of the Capital Angel Network, was paired with Steve Cody to serve as a mentor for the young company upon entering the L-SPARK Accelerator program. Mr. Davis now serves as the company's Chief Operating Officer. Rob White, former VP of Mergers and Acquisitions for IBM, is now heading channel development, with the objective of growing partnerships and channels to market aggressively. The company will leverage this combined new leadership experience to guide it to the next level of growth.
"The Better Software Company is led by a serial entrepreneur whose dedication exemplifies the quality and passion entrepreneurs possess in Ottawa. I have no doubt, under the leadership of Steve Cody and his Executive team, that this company will achieve tremendous growth," says Leo Lax, L-SPARK Managing Director.
The Better Software Company has also moved from a successful beta period to launch the next version of their compelling software. For more information visit: http://www.thebettersoftwarecompany.com/ or contact Paul Howard, firstname.lastname@example.org or 613.325.0519.
About The Better Software Company
The Better Software Company provides a SaaS solution that delivers all the functionality a small business needs to operate effectively and efficiently. The focus is on simplicity and tight integration between functional modules, including accounting, CRM, dispatching, point of sale management, order processing, inventory management and more. Small businesses have limited resources to address all these functions and they need simple, effective tools to do it well. To learn more, visit us at www.thebettersoftwarecompany.com, connect with us on Facebook www.facebook.com/BetterSoftwareCompany or follow us on Twitter @4BetterSoftware.
About ff Venture Capital
ff Venture Capital is a seed and early-stage focused firm based in New York that seeks to invest in a wide range of emerging technology-enabled industries. Our 27-person team has made over 200 investments in over 80 companies since 2008. We back creative entrepreneurs who are using technology to transform industries such as food, disaster recovery housing, crowdfunding and drones. Our portfolio companies have ongoing access to the ff Acceleration Team, who provide a full range of services in accounting and finance, PR and branding, engineering, recruiting, community management and business development. We champion technology founders who are changing the way we interact with the world.
Add About Mistral Venture Partners
Mistral Venture Partners is an early stage technology investment firm with offices in Ottawa Ontario, and Palo Alto, California. The Fund provides seed stage capital primarily to eastern Canada's most promising startup companies while providing them early access to a valuable network of top-tier later stage venture capital firms as well as international customers and talent.
L-SPARK is Canada's only Incubator/Accelerator focused exclusively on Enterprise SaaS. Entrepreneurs and startups in the programs are provided with one to one mentorship, network access to venture capital firms and angel investors, operational & community support. L-SPARK operates with the objectives of Incubating SaaS Startups to Seed & Accelerating to Series A Investment. Visit us at www.l-spark.com, connect with us on linkedin.com/l-spark or follow us on Twitter @LSPARKGlobal.
SOURCE L-SPARK Global