- Other backers included Sandpiper Ventures, Build Ventures, BDC Capital’s Women in Technology Venture Fund, Innovatia and New Brunswick Innovation Foundation
- The capital infusion will be used to accelerate ProcedureFlow’s goal of revolutionizing procedural knowledge management
- CBGF invests in Canadian mid-market businesses
Saint John, New Brunswick-based knowledge management software provider ProcedureFlow has raised C$11.8 million in financing. Canadian Business Growth Fund led the round with participation from other backers that included Sandpiper Ventures, Build Ventures, BDC Capital’s Women in Technology Venture Fund, Innovatia and New Brunswick Innovation Foundation.
The funding will accelerate ProcedureFlow’s goal of revolutionizing procedural knowledge management across the globe.
“We are thrilled CBGF and Sandpiper Ventures are joining us on our mission of making employees experts faster,” said Daniella Degrace, CEO at ProcedureFlow, in a statement. “In today’s hybrid and remote working environment, employees need access to accurate information at the right time, every time. That’s why ProcedureFlow digitizes company operations and transforms processes into a highly consumable, visual, and easily updatable format. This is the future of enterprise knowledge management.”
Over the last 4 years, ProcedureFlow has grown its user base by 600 percent, serving customers across a variety of industries including banking, financial services, insurance, healthcare, telecommunications, utilities, and government 311 centers.
The Canadian Business Growth Fund provides long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses with investments between C$3 million to C$20 million. An evergreen investment fund with capital commitments of C$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 business achieve their full potential.