Beanworks Solutions announces $4.5M Series A

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By Ted Liu

Beanworks Solutions Inc. has announced the closing a $4.5M Series A round led by Vancouver Founder Fund and TIMIA Capital Corporation (TSX-V: TCA)

TIMIA Capital previously announced the closing the its fifth revenue financing deal into Beanworks Solutions. TIMiA financing is for a total of $2 Million, of which $500,000 has been advanced upon closing of the transaction. Further disbursements are tied to the revenue growth of Beanworks over a fixed period of time.

Beanworks Solutions automates accounting workflow. From purchase order to electronic payment, Beanworks integrates with software to make AP simple and delightful.

Beanworks Solutions was co-founded in 2012 by Catherine Dahl (CEO), Reza Sanaie (Chief Innovation Officer), Tracy Thompson (VP of Client Success), and Cory Cleaver (Creative Director),

“Fundraising is a competitive and aggressive space, especially in a fast-growing tech sector like here in Canada,” said Dahl. “Despite the competition for capital, we were confident in our product and I think the success of our fundraising round speaks to that. We’re eager to use this funding to scale our operations and continue to dominate the AP automation industry.”

“Beanworks offers a groundbreaking product in an industry typically reliant on paper processing methods,” said Fraser Hall, Partner at Vancouver Founder Fund. “Catherine and the Beanworks team have figured out a way to help solve the problems of accountants in a way that is truly innovative and will help countless professionals save time and money. We’re excited to work with Beanworks moving forward to help scale their company and bring their original solutions to new and expanding markets.”

“Catherine and her team have done a fantastic job on delivering value to Beanworks’ growing customer base,” said Gregory Smith, CIO of TIMIA Capital. “We are looking forward to supporting them as they scale revenue to the next level and penetrate other markets with their AP Automation solution.”

Beanworks has also announced the appointment of Karim Ben-Jaafar as Chief Growth Officer, co-founder Reza Sanaie as Chief Innovation Officer, Robert Fink as VP of Engineering, and Jack Hilliard as VP of Finance.

photo credit: Beanworks Solutions