ClearRisk, a St. John’s, Newfoundland-based risk management software company, has raised C$2.5 million in financing. BDC Capital invested C$1.65 million of the total, with the balance accounted for by the Province of Newfoundland and Labrador, RBC and other investors.
St. John’s based risk management software leader ClearRisk announced today the completion of $3.3 million in combined growth capital and new sales. BDC Capital has renewed its support to the company and provided $1.65 million in growth capital. The balance of the investment comes from the Province of Newfoundland and Labrador, which was previously announced, plus RBC and ClearRisk shareholders. In addition, ClearRisk announced three new sales totaling $800,000 in contract value including Avenue Living Asset Management Ltd., of Alberta, and two large Canadian municipal insurance pools. The funds will be used for a major growth initiative to continue building on recent successes.
ClearRisk CEO Craig Rowe
“ClearRisk’s success to date is in large part due to solid partnerships. We are grateful that BDC and BDC Capital have been a valuable partner to us since the company was founded. They are an important part of our growth and we would not have achieved our success to date without them. In addition to capital, they bring great value to our relationship in the form of expertise. Combined with the continued support of two other valued partners, RBC and the Province, ClearRisk is achieving considerable growth. Recent wins like Avenue Living Asset Management and others are just a few examples of how we are helping great organizations with their risk management software and data solutions needs. We are obsessed with optimizing our customers’ risk to keep people and assets from harm to make our customers more successful”
BDC Capital Director, Growth and Transition Capital Brian Whiteway
“We have been a long time partner of ClearRisk and are very pleased to be able to continue to support the team as it executes on its exciting growth path,” “Their impressive suite of solutions is very well adapted to the market, and we look forward to supporting the management team in driving the company forward to even greater success.”
ClearRisk supports the risk management needs of over 150 organizations in North America. It specializes in software and data solutions for risk management, claims and incidents and business continuity planning. ClearRisk exists to enable success through risk optimization, delivering effective, efficient and better options for risk management. ClearRisk applies a diversity lens throughout its operations and is proud to have women make up almost forty percent of its workforce and growing. The company was founded by CEO Craig Rowe in 2006 and is headquartered in St. John’s, Newfoundland. For more information visit https://www.clearrisk.com
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. For more information, visit https://www.bdc.ca/en/bdc-capital/