After graduating from Kanata’s L-Spark accelerator, The Better Software Company is now aiming for the big leagues with help from $2.1 million in seed funding announced on Tuesday.
New York’s ff Venture Capital led the new funding round for the Ottawa-based business management software producer, with local VC fund Mistral Venture Partners and other hometown angel investors also taking part.
The company’s revenues have increased by a factor of 15 since it joined L-Spark in January, founder and CEO Steve Cody said in a news release, achieving consistent growth of 35 per cent month over month.
“With the additional financing, we are really excited to get to work and create even better business software tools for our customers,” he said.
The Better Software Company has become L-Spark’s highest-profile success story so far, thanks not only to its impressive growth but also to headline-grabbing moves such as bringing in two kangaroos for the launch of its newest product, Pete 2.0, last week.
After that event, Mr. Cody boldly stated his firm was ahead of schedule in its push to become a billion-dollar company within five years.
“We truly believe if you look at all small business software out there, nobody has done anything like it at all,” he told OBJ. “We think it revolutionizes small business software.”
The company said it is targeting small and medium-sized businesses that represent a total market opportunity of $21 billion, adding its cutting-edge products give it “a clear first-mover advantage.”
Alex Katz, partner and chief financial officer at ff Venture Capital, agreed the Ottawa firm has tremendous potential.
“The passion that Steve Cody and his team have for making small businesses more efficient has impressed us from the first time we met,” he said in a statement. “As investors in early-stage companies, we understand the need for this solution and are pleased to help the company continue its success.”