Canvas Announces $9M Investment
RESTON, VA, Global leader in mobile apps for collecting and sharing business information, today announced it has secured a $9 million investment led by River Cities Capital Funds.
Canvas, the global leader in mobile apps for collecting and sharing business information, today announced it has secured a $9 million investment led by River Cities Capital Funds and current investor Osage Venture Partners. The round also included participation from existing investor Camber Capital (formerly Berman Venture Capital).
Canvas is a cloud-based software service and mobile app platform that enables businesses to replace expensive and inefficient paper forms and processes with customizable mobile apps for smartphones and tablets, with no programming or IT required. Canvas empowers businesses of all sizes to collect information using mobile devices; instantly share that information with colleagues, partners and customers; and seamlessly integrate the data with their businesses' existing backend systems so that decision makers gain access to accurate, real-time information from their workforce.
Canvas is on pace to achieve triple digit annual revenue growth for the fourth consecutive year, and the company has recently reached several other key milestones:
- Businesses each month submit and save more than 500,000 documents to the Canvas cloud. This is the equivalent of saving a ton of paper every 5 days.
- Canvas now has more than 40,000 paid subscribers and customers, including 27 customers in the Fortune 1000, and across a broad range of industries.
- There are now more than 15,000 apps in the Canvas mobile business application store - apps that can easily be downloaded, customized and shared by Canvas' growing community of partners and subscribers.
- Canvas subscribers span 65 countries and use 10 different languages, including German, Turkish, and Mandarin Chinese.
- Canvas has active strategic partnerships with some of the largest telecoms - including Verizon, Sprint, Telstra and Globe - on three major continents.
Thousands of organizations - from global corporations to small nonprofits - leverage Canvas' mobile app platform to improve their business processes with dynamic mobile apps that include features such as signature capture, GPS, worker dispatching, customized mobile form building and editing, image capture, barcode scanning, API integration and data output formatting.
The financing will be utilized to continue to develop market-leading, innovative capabilities and services for Canvas subscribers, and to expand marketing efforts in order to generate deeper and broader awareness across North America, Europe, Asia, as well as in other existing and target markets.
Ed McCarthy, Managing Director, River Cities Capital Funds
'We've been following the mobile solutions industry for some time now. We chose to partner specifically with Canvas from many opportunities in the market because of the company's easy-to-deploy, ubiquitous solution set that can work for any corporation, whether an SMB or major enterprise. We are excited about the magnitude of the opportunity and pleased to lead the growth financing for such a strong company.'
Nate Lentz, Managing Partner, Osage Venture Partners
'Canvas continues to show itself to be a truly exciting and nimble company as it expands its capabilities beyond digitizing paper forms into deeply functioning mobile apps. We have been investors in Canvas for less than two years and have seen the company increase its subscribers and revenue by well over 300 percent. With the great team in place and with the new investment and inclusion of River Cities as a strong co-investor, we expect to see the success continue unabated.'
James Quigley, CEO and co-founder, Canvas
'2014 has been a year of tremendous growth and accomplishment. This funding round is a testament to our amazing, talented team and the support of our subscribers, partners and investors. Canvas' goal is not to just convert an organization's business forms to mobile apps, but to reimagine how work is done by helping these companies collect and then share and leverage the data to improve business processes.'
Canvas is changing how companies collect and use business information through their cloud-based software service and mobile app platform. With customizable apps for smartphones and tablets, Canvas enables businesses to replace expensive and inefficient paper forms and processes, requiring no programming or IT. Canvas enables businesses to collect information using mobile devices, share that information and easily 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 forms specific to their needs. To learn more, visit http://www.goCanvas.com.
About River Cities Capital Funds
Founded in 1994, River Cities Capital Funds is one of the most active and experienced growth equity funds in healthcare and information technology (IT). With nearly $500 million under management and more than 100 investments made, River Cities has established itself as a preferred partner among the entrepreneurial and private equity communities.
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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