Ottawa cloud software company Klipfolio announced Wednesday it had raised $6.2 million from a series-A round led by OMERS Ventures.
The fast-growing firm deals in digital business dashboard marketing tools that took off after Klipfolio moved its technology to the cloud in early 2012.
OMERS Ventures’ portfolio of investments includes other software-as-a-service notables such as Shopify, Wave and Hootsuite.
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The financing round also featured BDC Capital, Mistral Venture Partners, Fundfire, BOLDstart Ventures, Acadia Woods and CommonAngels Ventures, all existing investors from the firm’s $1.7-million seed round a year ago.
From there, the company tripled its monthly recurring revenue and more than doubled its staff and customer base in 2014.
“With that, we were really putting the framework in place for explosive growth. We were proving that the product market fit,” Klipfoloio CEO Allan Wille said in an interview with the OBJ. “We had a lot of metrics going into this round of financing that indicated that we should continue to invest.”
Klipfolio is charting further growth this year, with plans to expand its office space, keep hiring, and spend more on marketing. The company wants to keep doubling its customer base and tripling its monthly recurring revenue. There are also plans to beef up its research and development, user experience and customer success efforts.
This month’s financing round was oversubscribed, with three investors who wanted to increase their percentage ownership in Klipfolio, said Mr. Wille.
“In other words, they’re saying we have so much confidence in the company that we want to put in more money than we’re actually allowed to put in,” he said.
“That’s fairly rare. The fact that all the investors wanted in and some of them wanted more – I think that speaks volumes about what we’re doing.”
Damien Steel, a director at OMERS Ventures, will also join Klipfolio’s board of directors, which includes Mr. Wille, former Watchfire and Blaze CEO Michael Weider, and BDC Venture Capital partner Ron Warburton.
“(Klipfolio) are domain experts with significant business intelligence expertise and differentiation in a huge market – exactly the type of team we look to partner with through our investments,” said Mr. Steel.
Klipfolio reached a 2,500-customer milestone at the end of 2014 and at its current trajectory, Mr. Wille projects that number will jump to 15,000 or even 20,000 in the next two years.