TIMIA Capital Corp has provided a $2 million investment facility to FormHero Inc, a Toronto-based smart forms platform that helps business organizations automate paperwork and processes.
TIMIA, a Canadian specialty finance firm, will deploy an initial $1 million, followed by a further $1 million when certain milestones are met.
FormHero CEO Ryan Kimber, who co-founded the company in 2015, said the facility’s proceeds will support the expansion of marketing efforts.
TIMIA provides growth capital to technology companies in exchange for revenue-based payments.
TIMIA Capital Puts $2 Million Financing Facility in Place for FormHero
Investment provides key growth capital for Toronto software company
VANCOUVER, BC– October 10, 2018 – TIMIA Capital Corporation (“TIMIA” or the “Company”) (TSX-V:TCA) today announced that the Company has put in place a $2 million investment facility for FormHero Inc. (“FormHero”) of Toronto, ON. The financing facility includes an initial disbursement of $1,000,000 and a further $1,000,000 to be disbursed upon certain milestones being met over the term of the agreement.
“Our non-dilutive capital for FormHero is aimed at increasing their marketing efforts and help drive new business,” said Andrew Abouchar, Chief Credit Officer of TIMIA. “FormHero is growing rapidly in their market, and adding additional firepower to expedite their objectives just makes sense.”
“This is a great time to expand our marketing efforts,” said Ryan Kimber, Co-Founder and CEO of FormHero Inc. “TIMIA’s financing facility provides key growth capital without the dilution of traditional equity-based funding.”
TIMIA is continuously seeking new and exciting investments in the software as a service or SaaS industry. The Company expects to make further investments in the coming months, in the pursuit of its business model, which is to earn a combination of monthly payments and periodic gains on investments.
FormHero is a data collection platform that helps enterprise organizations turn their internal and customer-facing processes into dynamic, user-friendly smart forms. We enable organization to rapidly digitize legacy and paper-based processes in order to provide the experience their clients desire without the need to overhaul expensive back-office systems. With FormHero, information is validated in real-time to ensure accuracy and then automatically translated into any/all of the required documents or integrations to power the process behind the scenes. Best of all, FormHero never persists any customers information; providing enterprises with the simplicity and scale of a cloud-based solution with the security and regulatory requirements of an on-prem installation. For more information about FormHero, please visit www.formhero.io
About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue. This alternative financing option complements both debt and equity financing, while allowing entrepreneurs and existing stakeholders to retain ownership and control of their business. TIMIA’s singular focus is the fast growing, global, business-to-business Software-as-a-Service (or SaaS) segment. We align ourselves with entrepreneurial management teams growing their sales from $1 Million to $10 Million in Annual Recurring Revenue. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com
For more information, please contact:
Vice President, Capital Markets & Communications
Mike Walkinshaw, CEO
TIMIA Capital Corporation