The Better Software Company, an L-SPARK Accelerator Company, Closes $750,000 Seed Round of Investment Led By the Capital Angel Network
OTTAWA, ON – September 14, 2015 – The Better Software Company, an L-SPARK Accelerator company, has announced a $750,000 injection of capital from a collective of Ottawa-based Angels from the Capital Angel Network with participation by Purple Angel, and The Investment Accelerator Fund (IAF) after a few months in the L-SPARK Accelerator program.
Recently recognized in the Branham 300 as one of the Top 25 Canadian Up and Coming ICT Companies, The Better Software Company provides a fully integrated Small Business Software solution delivered in the cloud to help owners improve and simplify their entire business. The Ottawa-based start-up moved into L-SPARK’s office space in January 2015, and has since successfully closed their second investment round. This round was led by the Capital Angel Network, with participation by Purple Angel, IAF and existing investors, Wesley Clover International and Naavon Capital. With this investment the company has now raised a total of $840,000.
“I am overwhelmed by the support The Better Software Company has received from the Ottawa angel community. With this funding our focus will be to deliver simplicity and tight integration to the market of 21 million SME’s in North America,” said Steve Cody, Founder and CEO of The Better Software Company.
Steve Cody has owned, operated and sold several traditional small businesses over the past 15 years, generating over $250 Million in revenue throughout his career. Frustrated with the business software solutions that were available to him, he created a single software package that allowed him to effectively run all of these diverse companies. He is now taking that solution to the market to help other small business owners. The Better Software Company delivers a very simple solution over a very wide range of functionalities including accounting, CRM, dispatch, point of sale, order processing, email marketing, and inventory, to name a few.
“Together with my colleagues, at Purple Angel and Capital Angel Network, I recognized this as an opportunity to help a great Ottawa start-up grow and succeed in a city that has built many software companies that are now world leaders,” says Hicham Adra, Lead Investor. “Steve impressed me as a strong entrepreneur who exudes passion for helping fellow owners of small businesses achieve success.”
Through participation in the Accelerator program, The Better Software Company is now armed with an influx of capital that will allow them to grow operations and scale their business.
“This investment is one of the first rounds facilitated by our Enterprise SaaS Accelerator for the portfolio companies in our inaugural cohort. The Better Software Company is growing rapidly and this funding will fuel its future growth,” says Leo Lax, L-SPARK Managing Director.
Join Steve Cody and the L-SPARK Community on September 17th at the Canadian Museum of Nature for their Canadian SaaS Showcase celebration. Register here: https://www.eventbrite.ca/e/canadian-saas-showcase-tickets-18140234931 .
About The Better Software Company
The Better Software Company provides a SaaS solution that delivers all of the functionality that a small business needs. The focus is on simplicity and tight integration rather than rich functionality. While CRM), we deliver very simple solutions over a very wide range of functionalities (accounting, CRM, dispatch, point of sale, order processing, inventory, etc). Small businesses typically have a very small number of people covering all of these functions and therefore cannot accommodate many applications that are not integrated together. They are generalists, not specialists. Visit us at www.thebettersoftwarecompany.com, connect with us on Facebook www.facebook.com/BetterSoftwareCompany or follow us on Twitter @4BetterSoftware.
L-SPARK is an Incubator and Accelerator with a laser focus on the Enterprise SaaS market. By providing entrepreneurs and startups with access to industry mentors, sector-focused venture capital firms and angel investors L‑SPARK will arm innovative entrepreneurs with the tools and support to be more agile, more competitive and more profitable. L-SPARK seeks innovators who can create software that keeps up with and accelerates the rapid growth of their customers, leads the rapidly evolving technological landscape, and redefines the enterprise landscape. Visit us at www.l-spark.com, connect with us on linkedin.com/l-spark or follow us on Twitter @LSPARKGlobal.
About Capital Angel Network
The Capital Angel Network is a non-profit, membership-based organization of accredited investors seeking investment and mentorship opportunities in dynamic, early-stage companies. CAN provides a supportive network in the National Capital angel community, developing best practices for due diligence, investing and on-going mentoring. Members engage with rising entrepreneurs – through funding, expertise and knowledge – to facilitate valuable learning and growth. Generous sponsors of CAN include Gowlings, RBC and Welch LLP. Since 2009, CAN has enabled strong ties between investors and entrepreneurs, strengthening community networks and fostering seed and early-stage investments. www.capitalangels.ca
About the Investment Accelerator Fund
The Investment Accelerator Fund (IAF) (Twitter: @MaRSIAF) provides up to $500,000 in seed funding to qualified emerging companies in Ontario. As a critical component of the Ontario Network of Excellence (ONE), the IAF supports the launch and development of innovative companies in Ontario’s priority sectors of advanced materials and manufacturing, information technology, cleantech and life sciences. As Ontario’s most active seed-stage investor, the IAF helps startups develop their businesses and positions them for further investment by angels and venture capitalists. It is funded by the Government of Ontario and delivered by MaRS.