Proposify takes C$5m in funding from CBGF, Innovacorp

Halifax-based Proposify, a software-as-a-service company that helps sales teams with the business proposal process, has collected C$5 million in financing. The round, which brings total funding over the past year to C$13 million, was backed by Canadian Business Growth Fund and Innovacorp.

PRESS RELEASE

HALIFAX, Nova Scotia—Proposify, a dominant player in the burgeoning online proposal solution market, today announced it received a second round of investment from the Canadian Business Growth Fund and Innovacorp, for a total of $13-million over the last year, including $5-million being announced today. The funding will help fuel Proposify’s growth globally, supporting investments in product development and sales and marketing.

Proposify solves a problem most sales organizations struggle with – developing new business proposals through an inefficient, convoluted mashup of old Word docs, Google docs and PowerPoint presentations. With Proposify’s elegant software-as-a-service (Saas) solution, salespeople can quickly create professional, well-designed sales documents that use only the most current information. Proposify also provides unique insights including when buyers have reviewed a proposal or which sections they spent the most time reading. With well over 10,000 paying customers in nearly 40 countries, and with its new Proposify Free product attracting new users around the world, the company has been on a roll that has attracted the additional investment.

“In the last few years, more businesses have recognized that sales enablement is a smart investment in their success. Using Proposify, sales teams get control and visibility over their deals that can increase their close rates by 111%. The ROI is crystal clear,” said Kyle Racki, Co-Founder and CEO, Proposify. “We are grateful for the vote of confidence we have received in the form of investment from the Canadian Business Growth Fund and Innovacorp. They provide patient capital as well as strategic counsel that will enable us to continue to grow globally in a sustainable way.”

George Rossolatos, Chief Executive Officer, Canadian Business Growth Fund, has been impressed by Proposify’s product and leadership team. “Proposify is already a leader in the rapidly expanding sales enablement market. This company has tremendous potential. With additional capital to deploy for product development and sales and marketing, we anticipate even more robust growth to come.”

“Innovacorp is proud to be a supporter and investor in Proposify. This Nova Scotia-based company has carved out a strong niche in the SaaS proposal market and is on track for more growth and expansion around the world in the coming months and years,” said Andrew Ray, Managing Director, Nova Scotia First Fund, Innovacorp.

About Proposify
Proposify is online proposal software that modern sales teams use to take control of the closing process and track every opportunity from proposal to closed/won. It streamlines creating, sending, tracking, and e-signing proposals, contracts, agreements, and other sales documents. Proposify helps sales teams scale their proposal process, and quickly create impressive, interactive sales documents that beat the competition. For more information, visit www.proposify.com

About Canadian Business Growth Fund
The Canadian Business Growth Fund (CBGF) provides long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses with investments between $3 to $20 million. An evergreen investment fund with capital commitments of $545 million, CBGF is committed to long-term partnerships with the companies it invests in. As part of its mission to drive growth, CBGF connects business leaders and sector experts to help its partner businesses achieve their full potential. To learn more, visit www.cbgf.com.

About Innovacorp
Innovacorp manages $90-million of investment funds for deep technology start-ups in Nova Scotia. In addition to risk capital, Innovacorp gives entrepreneurs access to world-class incubation facilities, expert advice and other support to help accelerate their companies. For more information on Innovacorp, visit www.innovacorp.ca.