Company to use investment for rapid expansion and innovation
QuickMobile, the leading provider of mobile solutions for meetings and events, today announced that it has closed on a $3.3 million round of funding. The investment, led by the BDC IT Venture Fund with additional contributions from Vancity and angel investors, will help QuickMobile to continue its rapid international expansion, strengthen its infrastructure, boost marketing efforts, and advance the development and launch of new products and services. As a result of the investment, Andrew Lugsdin, partner with BDC IT Venture Fund, will join QuickMobiles board of directors. This funding follows $2.6 million of equity investments received in 2011 from angel investors and Vancity, Canadas largest credit union.
Reasons for Optimism
In September, QuickMobile announced that it is on pace for 400 percent growth while downloads of its custom meeting apps have surpassed one million in early 2012. QuickMobiles growth is coming from a strong demand from Fortune 500 customers and a growing partner channel, which added 15 new reseller and referral partners so far this year. The company also recently added its 100th employee and expanded its company headquarters in Vancouver.
Mobile is a huge, emerging space, from major advances in devices to the mobile apps that are targeted to the enterprise, said Lugsdin. Among the industrys innovators is QuickMobile, which has a market-leading, proven solution that is used by a growing number of Fortune 500 companies. QuickMobile is led by a passionate and experienced team, which has identified significant market opportunities that will allow the company to continue to innovate and grow. BDC IT Venture Fund is excited to be a partner on this journey.
Mobile Transforming Meetings and Events
In 2012, the number of mobile connected devices surpassed the total population of the earth. According to recent studies, 69% of Internet users access the web through mobile devices and more than a third of the total U.S. population has downloaded apps. Within the meeting and events industry, more than 80 percent of professionals are using mobile devices for their jobs, yet estimates are that less than 10% of all meetings provide mobile apps for their attendees.
With more than 1.8 million events in the United States alone, QuickMobile President and CEO, Patrick Payne, sees huge potential for growth for his company.
He stated, Its evident that mobile technology is impacting all aspects of our lives and is also transforming the event industry with its inherent capabilities to connect and engage. BDC IT Venture Fund is a major venture capital investor in Canada, and its investment team understands the market opportunity for QuickMobile and fully supports our approach to lead the industry in flexibility, scale, reliability, innovation and technology. With this investment, we will further expand our focus on Fortune 1000 companies, advance our ability to provide leading-edge solutions to the industry and increase our global sales and support footprint.
About BDC IT Venture Fund
The BDC IT Venture Fund is a Canadian venture capital fund with partners in Toronto, Montreal, Vancouver, and Ottawa. We actively invest in early stage IT companies with passionate entrepreneurs who think big and will disrupt existing industries or create entirely new markets. Entrepreneurs come first and we use our broad network and operational backgrounds to help companies grow into global leaders. We lead the majority of our investments, which are typically early stage start-ups (late seed and series A) focused on Enterprise, Internet, or Mobile. The fund has invested in many successful companies including Radian6 (acquired by Salesforce), Opalis (acquired by Microsoft), Bycast (acquired by NetApp), and Q1 Labs (acquired by IBM). For more information http://www.bdc.ca.
Designed for today's mobile-savvy attendee, QuickMobile’s mobile app and analytics platform creates meaningful and lasting experiences. QuickMobile helps its customers deliver personalized, productive and fully-integrated events and meetings–across the enterprise and beyond–that captivate and engage attendees. With unparalleled expertise and a commitment to best practices, QuickMobile has helped thousands of high-performance organizations around the world transform their meetings and events. QuickMobile’s head office is located in Vancouver, Canada.