North American Company Secures Millions in Financing

North American Company Secures Millions in Financing

Just recently, VanillaSoft Inc. received $4 million in equity and debt financing from different sources of funding. 

VanillaSoft is a sales engagement platform that supports clients in achieving better sales accountability, increased productivity and higher contact rates.

Essentially, they aim to optimize the sales and time of a company through software solutions by focusing on different facets of digital technology, such as CRM. CRM (Customer Relationship Management) is an approach to client interactions using data analysis on customer retention and relationships in order to increase efficiency and promote sales growth.

Related: SRED Funding for Innovation Companies

The purpose of CRM systems is to ultimately streamline processes and improve the profitability of companies, which shares similarities to VanillaSoft’s vision of empowering their clients.

Although VanillaSoft is not specifically identified as a CRM company, other similar businesses are likely eligible for digital media grants, similar to that received by VanillaSoft, that provide them with the competitive advantage needed to boost economic growth. Call EVAMAX today to discover the benefits your company is potentially eligible for.

With respects to the financing received by VanillaSoft, $3 million was provided by the Fonds Régionaux de Solidarité FTQ Outaouais (FRSO) and $1 million through a federal government agency, the Canadian Economic Development for Quebec Regions (CED).

Related: IRAP: Could You Be the Next Company to Receive Millions in Funding?

The FRSO has supported the economic development of numerous companies and created thousands of jobs in the process. Similarly, the CED focuses on supporting innovation and economic growth through financing, guidance, and connecting companies to the right partners for their given projects.

Prior to the recent funding received, VanillaSoft has had a relationship with both the FRSO and CED in the past. After the natural disaster of Hurricane Katrina in 2005, VanillaSoft did not recover their office and operations in New Orleans.

Related: Top Ten Software Development Companies According to the GoodFirms

The FRSO and CED assisted VanillaSoft to re-establish themselves in the National Capital Region which was vital to both the survival and growth of the company. The recent financing provided will now give the FRSO its first equity stake in the company as repayment of gratitude for their actions many years back.

The financing received from the FRSO and CED will be used to grow their R&D and sales team personnel as well as expand their business across the continent. This will provide the company with the ability to support a client’s marketing efforts and develop new markets/services.

Related: Industrial Research Assistance Program (IRAP)

VanillaSoft finds itself in a time where digital media technology is rapidly changing the operations, development, and opportunities available to companies. By accessing funding, VanillaSoft is building a competitive advantage by seizing opportunities they would not be able to attain individually.

Moving forward, VanillaSoft looks to specifically use the funding provided to launch functionality that will use AI to analyze data in order to optimize sales processes and allow customers to better understand their business.

Related: The Incredible Benefits of AI to Canadian Businesses

All in all, digital media technology has flourished in a time period where society is seeing the most rapid technological advancements and innovative growth ever experienced.

This provides companies with unique opportunities to expand and grow their business in new ways that may not have been available previously. There are numerous sources of financing available to businesses of all sizes, types, and locations that companies do not take advantage of.

If your company is partaking in innovative activities or seeking funding, contact EVAMAX to identify the potential financing available to you.

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