Canadian Business Growth Fund has increased the size of its investment in ThoughtWire, a Toronto-based developer of an intelligent building management platform. No financial terms were disclosed. ThoughtWire last year raised $11.5 million in financing, with a follow-on potential of $9.7 million, led by Yaletown Partners.
CBGF Announces Follow-On Investment in ThoughtWire
August 26, 2021
CBGF recently made a follow-on investment in portfolio company ThoughtWire Corp., developers of a best-in-class Operating System for Healthcare and Built Environments headquartered in Toronto, Ontario. ThoughtWireOS uses a proprietary and patented “Digital Twin” that enables customers to leverage live data from any source to help save lives, help save the environment and to help save money through more efficient operations.
Since CBGF’s initial investment in May 2020, ThoughtWire continued to execute on its vision of growing the company into a leading healthcare and property technology platform, having grown its sales funnel by ~4x primarily due to COVID-19 related demand for products that enhance staff and patient safety in healthcare settings and announcing new channel partnerships. ThoughtWire has also scaled its team and increased headcount by 44% to support this growth.
Proceeds from the follow-on investment will be used for continued growth and working capital purposes.