BDC IT Venture Fund leads new $3.2 million round of funding; Company expands senior leadership team
VANCOUVER, B.C. – May 7, 2013 – QuickMobile, the leading provider of mobile event app solutions, today announced that it has closed a $3.2 million round of funding led by existing investors, BDC IT Venture Fund and Vancity. The infusion of capital will allow QuickMobile to add the resources required to meet the unprecedented demand for its new multi-event mobile app platform and continue its international expansion. This funding follows $2.6 million of equity investments received in 2011 from angel investors and Vancity, and a $3.3 million round led by BDC IT Venture Fund in 2012. In addition, the company has recently added several members to its senior leadership team, including industry veterans in marketing, services, and product management.
Funding to Fuel Development
“We are fortunate to have investors that share our vision and recognize the opportunity before us. Our revenues are growing exponentially year over year, and the demand for our multi-event platform is more than 10 times what we expected, with all of it coming from Fortune 1000 companies. It was clear we needed an infusion of additional capital to execute on our enterprise strategy, and a significantly higher valuation from the last round made it feasible,” said Patrick Payne, CEO of QuickMobile. “With a growing partner channel, a number of new products in development and tremendous enthusiasm for our multi-event platform, we need to add resources quickly. This is an exciting time for our company, and the support of BDC, Vancity and other private investors will allow us to meet our growth requirements, and continue to innovate and expand.”
Multi-Event Platform Spurs Growth Surge
QuickMobile’s multi-event platform provides enterprise customers with a cost-effective way to quickly create and distribute an unlimited number of customizable, feature-rich, branded mobile event apps. The new technology starts with a single, branded master application created by QuickMobile and allows anyone in the enterprise to quickly build a mobile app for any meeting or event.
Since its launch in November 2012, more than 25 Fortune 1000 companies have purchased the multi-event app platform. QuickMobile expects that these customers will create tens of thousands of apps this year alone. In addition, QuickMobile has secured over 40 channel partners to date, including 20 that will offer the technology as part of their event solutions portfolios.
Payne added, “We recognized a void in the marketplace for an enterprise-grade mobile event technology platform that allows companies to develop fully customized, fully branded meeting apps for any and all of their events. QuickMobile’s multi-event platform allows organizations to connect with their employees, customers, partners and other stakeholders in new and engaging ways. Our investors recognize this and fully support our innovation and expansion plans.”
“During the last several months, we have watched intently as QuickMobile has exceeded its own expectations, adding new employees, customers and partners at an accelerated rate,” said Andrew Lugsdin, a Partner at BDC IT Venture Fund. “The increasing demand for the company’s technology illustrated the need for additional resources in order to keep pace, and we are excited to be a part of the growth. We see QuickMobile as a current and future success story for its investors and for Canada, and we are committed to seeing them through this critical stage of the business.”
New Senior Leadership Team Members
In September 2012, QuickMobile added its 100th team member. Today, the company has 145 employees and is currently looking to fill an additional 20 open positions. To support the business growth, QuickMobile has added several members to its leadership team, including Robin Jones, VP of Marketing; Rob Reilly, VP of Client and Partner Services; and Darren Card, Director of Product Management. Jones brings more than 20 years of marketing experience to QuickMobile, and most recently served as VP of Marketing at The Active Network. Reilly joins QuickMobile after serving as a consultant to growing technology firms, and VP at The Active Network. Card is a 16-year veteran of the Internet software industry and comes to QuickMobile from Vision Critical where he worked as VP of Product Management.
About the BDC VC IT Fund
The BDC Venture Capital IT Fund is a $150 million fund with offices in Vancouver, Toronto, Ottawa, Montreal and Calgary as well as strong linkages to Silicon Valley. Investments are typically early stage companies in the enterprise, Internet and mobile sectors. 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.
About BDC Venture Capital
With more than $1 billion in current and planned investments and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health, and energy/clean technology companies, as well as venture funds, with high growth potential. From seed through expansion to exit, our mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian technology ventures. Find out more at www.bdc.ca/vc or on Twitter @BDC_VC.
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.