Canvas Closes $4M Series C
RESTON, VA, Global leader in mobile apps for businesses, today announced it has closed a $4 million Series C funding round led by Osage Venture Partners.
Canvas, the global leader in mobile apps for businesses, today announced it has closed a $4 million Series C funding round led by Osage Venture Partners, with participation from existing investors, including Motorola Solutions Venture Capital.
Canvas has rapidly established itself as one of the fastest growing mobile business application services in the world, with thousands of organizations leveraging Canvas to replace cumbersome paper forms with highly customizable mobile business apps that work on nearly every smartphone and tablet on the market. The firm's Application Store now has several thousand ready-made apps that can be customized to an individual business user's needs, and Canvas also offers a do-it-yourself app builder toolkit that enables non-technical users to build mobile apps in minutes.
"Canvas was overwhelmed with the enthusiasm demonstrated by the investor community for our results and vision," said James Quigley, Chief Executive Officer, Canvas. "Revenues accumulated by the global mobile application market are expected to grow from $25 billion by the end of 2013 to $98 billion in 2018, according to ABI Research. Despite the outsized number, there is reason to believe we have only scratched the surface for adoption of mobile apps, and with this new funding support, Canvas remains uniquely positioned to capitalize on this growing and untapped market opportunity."
The financing will be utilized to further build out capabilities and functionality for Canvas, to expand and support subscribers in markets across the globe, and to accelerate usage of MyCanvas, a secure, personal data Cloud that provides consumers and business users with searchable access to important and useful data collected about them via the Canvas service.
"Canvas has assembled a tremendous leadership team, roster of customers and innovative cloud platform that radically transform how businesses and individuals connect," said Nate Lentz, Managing Partner, Osage Venture Partners. "It is exciting to see a company positioned to disrupt old school data collection methods by presenting a dead simple user experience that appeals to a broad cross section of businesses from doctors' offices and electricians to oil field services and service repair companies. This makes Canvas a multi-vertical solution that addresses the projected doubling of connected workers globally from one billion to two billion over the next five years by extending enterprise solutions to mobile workers."
Organizations of all sizes " ranging from Pepsi Bottling Ventures and the Olympic Development Authority (2012 London Olympics) to small non-profits in Australia " have turned to the Canvas mobile app platform to radically change how they collect, share and analyze data. While thousands of small businesses rely on Canvas as the core mobile technology platform for their organization, Canvas also has penetrated large corporations " where Canvas apps have "gone from "adoption to addiction" as they spread from one business unit to another.
Canvas is an easy, fast and economical way for businesses to find, customize and create mobile apps to replace paper forms. Canvas is a cloud-based software service that enables users to collect information using mobile devices, share that information and integrate with existing backend systems. Canvas also offers the first mobile business application store of its kind, allowing businesses from diverse industries to find mobile apps specific to their needs. Canvas apps work on Android, Blackberry, BlackBerry Playbook, iPhone, iPad, and Windows mobile/desktop devices. Every Canvas app is customizable by the end user and can incorporate such functionality as GPS, image capture, barcode scanning, electronic signatures and access to business lists such as parts catalogs and patient records. To date, Canvas has automated millions of manual processes and replaced over 26 tons of paper for businesses, making it one of the fastest growing mobile app services in the world. To learn more, visit http://www.GoCanvas.com.
About Osage Venture Partners
Osage Venture Partners (OVP) is a venture capital firm located just outside of Philadelphia, Pa. that invests in early-stage enterprise technology companies in the Mid-Atlantic region. OVP raised its first fund in 2005, and has invested almost exclusively in enterprise software companies since that time. With over $100M under management, OVP seeks to invest in determined and creative entrepreneurs and provide them with the assistance required to build high growth businesses. For more information, visit http://www.osagepartners.com.
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