Garago Software Inc., which makes software for local governments, has received a $205,000 investment from Island Capital Partners, with which it hopes to sell its product across North America this year.
Founded in Moncton, Garago has developed a cloud-based software that provides an accessible solution to local governments by offering so-called e-permits to their citizens. The company works with municipalities and other local entities to implement e-permits within their administration.
Garago – which now has offices in P.E.I. and New Brunswick – believes its interactive platform brings citizens and governments closer together, allowing for enhanced citizen engagement, modern user experience and reduced costs.
“We are ecstatic to launch our product across North America in 2018,” said Garago CEO Francis Thériault in a statement. “Obtaining seed funding at this stage was timely, and having Island Capital Partner’s support is invaluable.“
The Kent Regional Service Commission in New Brunswick, which provides municipal services for about 30,000 residents, now uses Garago’s platform, and Executive Director Paul Lang says it has become an “essential tool” in improving service to clients. “Garago brought a solution that is affordable and adaptable to our needs without compromising quality,” said Lang.
The investment group – a partnership between private investors and the P.E.I. government – announced the funding on Thursday. With the Garago investment, Island Capital has now backed four companies, including Island Water Technologies, Onset Communications and Forestry.io.
“Garago s software for improving the efficiency and transparency of municipalities addresses a very real need for a sizable market,” said Stephen Nicolle, Investment Director at Island Capital Partners. “They have the key initial ingredients of a company that has the potential to become a big player in the enterprise software industry.”