This capital comes from BDC Capital’s new $150 million IT Venture Fund II. BDC Capital’s investment is part of Wave’s Series C funding round, which has now raised $22.1 million and includes participation from CRV, The Social+Capital Partnership, OMERS Ventures and an unnamed strategic investor in the fintech sector.
The investment was managed by Peter Misek, BDC Capital IT Venture Fund’s newly appointed partner in Toronto.
“Wave is looking to solve a key pain point of small business owners by providing a real time view – in a single place – of their company’s financial data,” says Misek. “Wave has a strong leadership team, has been steadily increasing its number of monthly active users and has solid plans for growth in a sizeable market. Innovation in financial services is the company’s next focus. No small business wants to go into a branch for a loan or payments.”
“BDC Capital’s participation will have a big impact on Wave,” says CEO and co-founder Kirk Simpson. “More than money, BDC Capital brings to the table valuable expertise and connections in the lending and payments sectors, which are key parts of Wave’s short-term development plans.”
With this participation, BDC Capital gains a seat on the company board, which will be occupied by Misek.