Ottawa-based The Better Software Company (TBSC), provider of a robust SaaS solution for small businesses, announced an additional $1.35 million in funding, led by ff Venture Capital with participation by Mistral Venture Partners and local angel groups.
This latest investment brings their total seed round to $2.1 million.
TBSC serves small to medium sized businesses who operate in micro vertical industries such as party rentals, auto detailing and window washing. Before entering the tech industry, TBSC Founder and CEO Steve Cody was a successful independent operator of dozens of small businesses. Based on his experience as an entrepreneur with little time to shuffle between different programs to manage his business, he created a unified, easy-to-use software tool.
“With the additional financing, we are really excited to get to work and create even better business software tools for our customers,” said Steve Cody, Founder and CEO of The Better Software Company in a statement.
In North America, the SMB landscape represents a total addressable market of $21 billion. In a statement addressing the investment, lead investor ff Venture Capital Partner/CFO Alex Katz said, “As investors in early-stage companies, we understand the need for this solution, and are pleased to help the company continue its success.”
After joining the L-SPARK nine-month Accelerator program in January, [disclosure: I work for L-SPARK] TBSC went from a team of 4 to nearly 60 and have maintained a consistent rate of 35 per cent growth month over month.
The funding announcement comes on the heels of the company’s release of a software update that boasts a slew of API connections as well as features such as real-time notifications and customer profiles.
TBSC’s development team of 11, led by CTO Peter Drinnan, worked on the update for five months.
“While the update was born out of the necessity to address mobile users initially, it was an opportunity to improve the user experience overall,” says Drinnan.
Cody says that the new software update delivers on what his customers have been asking for. They plan to start selling the software to new customers later this month, and will roll out the new platform to existing customers over a six-month period beginning in January 2016.