Halifax sales software maker Proposify has raised $13 million from provincial venture capital Crown corporation Innovacorp and the Canadian Business Growth Fund -- an investment fund backed by major financial institutions, including Royal Bank of Canada and Toronto-Dominion Bank.
Proposify’s software simplifies the process of writing proposals in the cloud with online proposal design templates that can be customized with text, images, videos and charts, as well as including document sharing and e-signing features. CEO Kyle Racki co-founded the company with Kevin Springer -- now the president -- early last decade. By 2020, the business employed about 85 people.
The Business Growth Fund has made about $545 million of capital commitments and is an evergreen fund, meaning it reinvests its profits instead of returning money to shareholders. It usually invests between $3 million and $20 million.
The $13 million was raised over the past year, with the final $5 million announced Wednesday. Proposify had previously announced the first tranche of investment from the Canadian Business Growth Fund last year, though at that time the parties did not reveal the dollar amount.
In a press release, Proposify said it has about 10,000 customers in 40 countries, and recently introduced a free version of its software to attract additional users.
“In the last few years, more businesses have recognized that sales enablement is a smart investment in their success,” said CEO Kyle Racki in the release. "Using Proposify, sales teams get control and visibility over their deals that can increase their close rates by 111%. The ROI is crystal clear."