AudioConexus, a Kingston, Ontario-based tourism technology company, has raised undisclosed mezzanine financing from BDC Capital.
BDC invested through its Growth and Transition Capital group.
Founded in 2006, AudioConexus produces software, hardware and multilingual content for automated GPS tours and audio guides. More than 30 million people each year listen to the company’s audio tours.
Led by President and CEO Jonathan Stanley, AudioConexus will use the proceeds for working capital, building inventory for its new multimedia tour system Navilution, expanding in Europe, and adding to the management team.
Tourism Tech Company AudioConexus of Kingston Secures Mezzanine Financing From BDC Capital
OTTAWA, April 1, 2019 – BDC Capital’s Growth and Transition Capital division recently provided mezzanine financing to AudioConexus of Kingston, Ontario. Founded in 2006, AudioConexus produces software, hardware and multilingual content for automated GPS tours and audio guides. Its products are used around the world to deliver pre-recorded commentary for vehicle- and vessel-based sightseeing tours, walking tours, and museum exhibits. Over 30 million people a year listen to audio tours powered by AudioConexus.
BDC Capital’s financing was structured to support the growth of AudioConexus while preserving its cash flow. The company is using the proceeds as working capital, namely to build inventory to fulfill orders for its new GPS-enabled, cloud-based multimedia tour system called Navilution, to support its market expansion in Europe and to round out its management team.
“Our specific focus is on enabling rich, memorable multi-language experiences tailored for sightseeing companies seeking accelerated growth and a distinctive competitive edge,” says Jonathan Stanley, President and CEO of AudioConexus. “BDC Capital’s financing gives us additional resources to drive product growth and innovation, as we scale up manufacturing and strategically build inroads into new markets.”
The transaction on BDC Capital’s side was conducted by Laura-Lee Brenneman, Director, Growth & Transition Capital, Ottawa. “AudioConexus is led by a very diligent team with deep industry experience that has managed the company’s growth carefully,” says Ms. Brenneman. “Tour operators, historical sites and museums are embracing technology to create more personalized experiences. AudioConexus is well positioned to capitalize on this trend.”
AudioConexus offers the only complete multilingual, multi-topical hardware, software and creative solution that offers adaptable, unique, five-star user experiences for ambitious, growth-oriented tour operators in local communities worldwide looking for a distinctive edge so that they can increase bookings year-round in an era of formulaic tourist experiences and short attention spans.
About BDC Capital
BDC Capital is the investment arm of BDC – Canada’s only bank devoted exclusively to entrepreneurs. With $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.
Media Relations, BDC Capital
President & CEO, AudioConexus