Reston-based startup Canvas has raised $9 million in funding to expand its quest to bring paperless business solutions to the world. The investment was led by River Cities Capital Funds and Osage Venture Partners. It's been a good funding year for Canvas, which also raised $1.8 million back in February for its online and mobile platform that replaces paper with customized apps that can be made without any complex programming.
"2014 has been a year of tremendous growth and accomplishment," said said James Quigley, CEO and co-founder of Canvas in a statement. "This funding round is a testament to our amazing, talented team and the support of our subscribers, partners and investors. Canvas' goal is not to just convert an organization’s business forms to mobile apps, but to reimagine how work is done by helping these companies collect and then share and leverage the data to improve business processes."
The revenue from the company probably did a lot to impress investors, with more than 100 percent growth four years in a row. There are over 40,000 paying customers who have made over 15,000 apps with the platform. The money will be used to expand services and reach out to more companies around the world.
"We’ve been following the mobile solutions industry for some time now," said Ed McCarthy, managing director of River Cities Capital Funds. "We chose to partner specifically with Canvas from many opportunities in the market because of the company’s easy-to-deploy, ubiquitous solution set that can work for any corporation, whether an SMB or major enterprise. We are excited about the magnitude of the opportunity and pleased to lead the growth financing for such a strong company."
