Montreal and Toronto-based HR tech company SuccessFinder has secured C$1.5 million in funding. The investor was BDC Capital’s Growth & Transition Capital division. The transaction was part of a larger C$2.9 million financing round.
MONTRÉAL, December 17, 2019—SuccessFinder, a fast-growing HR tech company based in Montréal, has recently received 1.5 million dollars from BDC Capital’s Growth & Transition Capital division as part of a 2.9 million dollars financing round. The SaaS company offers a cloud-based psychometric assessment that helps employers evaluate and develop individuals, from job candidates to current employees. Created by Larry Cash and leveraging four decades of research and development, the assessment captures an impressive breadth of behavioural and career-related data. Through its integrated analytics platform, SuccessFinder provides an unparalleled level of accuracy and reliability in predicting job fit, culture fit, leadership potential and career direction. Job candidates hired following SuccessFinder recommended match criteria have an unrivalled success rate in the role of at least 85%.
The new funds are being used to fuel SuccessFinder’s next growth phase. BDC Capital’s contribution takes the form of a non-dilutive mezzanine loan which has been customized to meet the company’s particular needs. Working capital is put under even greater pressure in quick-scaling SaaS businesses like SuccessFinder. To protect SuccessFinder’s working capital as much as possible, BDC Capital’s financing was given a patient structure that allows the company to withhold capital repayments until it comes to term.
“We are thrilled to have the support and contribution of BDC Capital in this important early financing round. BDC Capital has become a true partner and advisor to us and certainly plays a key transformative role in the development of business in Canada,” states Ronald Dahms, Chairman & CEO, SuccessFinder.
BDC Capital’s lead on this transaction was Bernard Melameth, Director, Growth & Transition Capital in Montréal. “SuccessFinder clearly differentiates itself from the competition thanks to its superior accuracy and to its greater accessibility as a SaaS product,” observes Melameth. “Ronald Dahms and the company’s president, Charles Guay, have the management and entrepreneurial experience to realize the high growth potential of SuccessFinder.”
SuccessFinder is a Montreal-based technology company specialized in human resources. The company understands people like no one else and leverages predictive analytics through an integrated platform, powered by sophisticated algorithms. With its 3rd generation behavioural assessment, it delivers both the technology and analytics to unlock opportunities for people and organizations to achieve their full potential. Boasting an expertise in developing predictive models, SuccessFinder is helping organizations make better decisions about their talent and maximize their people by putting them in the right roles. SuccessFinder is proven at more than 75 major organizations including McKesson, McGill University, Industrial Alliance, BRP and CAE. For more information visit www.successfinder.com
About BDC Capital
BDC Capital is the investment arm of BDC—Canada’s only bank devoted exclusively to entrepreneurs. With more than $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.