Renewity RMA, one of two companies in the Kanata-based L-Spark enterprise software accelerator, announced Wednesday it has received “a joint injection of capital” from Wesley Clover and Naavon Capital.
Wesley Clover is Terry Matthews' private investment fund and Naavon Capital is managed by Leo Lax, who doubles as L-Spark’s managing director.
Renewity RMA has been around for seven years, offering its customers an automated system to manage the complete product return lifecycle. Its solution addresses an “unfilled need of manufacturers,” according to Mr. Matthews.
“I believe in their vision for automating these returns processes, and feel it will lead to increases in service revenue for manufacturers and their partners, creating a real win-win,” he said in a statement.
The exact amount of investment was not disclosed.
Renewity has been in the L-Spark offices since January, advancing its product and scaling the company.
Serial software entrepreneur Ken Leese, who was originally brought in to mentor the company, is now its CEO.
Mr. Leese said the L-Spark ecosystem is providing significant value to the company beyond the capital investment, which will go to help grow the company.
“We’ve significantly increased the staffing but it’s still a small company but you know, as a ratio, it’s bigger than it was,” said Mr. Leese. “Those investments are entirely on the sales and marketing side.”
Because of the company’s association with L-Spark, Mr. Leese has had the opportunity to pitch their software to angel investors and venture capitalists, including one-on-one meetings with the likes of Google, Microsoft, Citrix, OpenText, Mitel and IBM.
The Renewity team is in San Jose through May 7 at the Netsuite SuiteWorld conference, drumming up new business opportunities.
Mr. Leese said this is something the company would not have done before their acceptance into L-Spark’s accelerator.
“We’re targeting Netsuite customers because they have a sweet spot for manufacturing,” he said. “We have a lead customer who is very happy with us where we’ve done Netsuite integration. Basically, this gives a different go-to-market strategy … because we can work with the Netsuite organization and focus on their customers and have a natural fit.”