CPE News (6/29/2018) – St. John’s, NL – Focus FS, a SaaS company that safeguards industrial worksites, has raised $1.4 million from BDC Capital and private investors.
BDC Capital is providing an $800,000 quasi-equity investment as part of this financing.
Focus FS intends to use new funding to further invest in sales and marketing in key North American and international markets.
photoc credit: skeeze via pixabay
Focus FS closes a $1.4M funding round to accelerate growth and further market development.
June 26, 2018, St. John’s, NL, Canada – Focus FS, a SaaS (Software-as-a-Service) company that safeguards industrial worksites using innovative software products, announced that the company has closed a financing round of $1.4 million.
BDC Capital, along with private investment, were among investors who supported the vision and growth plans of Focus FS. The funding will enable Focus FS to further invest in sales and marketing in key North American and international markets. Closing this round of funding with the support of multiple, strategic investors is a clear validation of the Focus FS vision, team, and technology.
Focus FS Digital Worksite software has been adopted by Oil and Gas upstream assets, metal mines, shipping ports, industrial warehouses, and construction worksites across North America. The company’s eMustering and Mine Rescue software products are being used on the front line to locate injured workers and assist emergency responders during emergency events. Today, customers in remote, often harsh environments are adopting the FS software suite to enhance their digital oil and digital mine initiatives.
“We have proven that industrial worksite digitalization is saving our customers millions of dollars. More importantly, it helps save lives and reduce worksite injuries” said Jeff Brown, CEO and co-founder of Focus FS. “We have been a part of the digital oil and mine reform and have built our products to create those data driven insights in the new digital connected ecosystem”.
BDC Capital is providing an $800 thousand-dollar quasi-equity investment as part of this financing. “Focus FS’s success to date is attributable in large part to their client-centric approach,” said Brian Whiteway, Director, Growth and Transition Capital, Newfoundland and Labrador at BDC Capital. “They have collaborated with industry experts and operators to understand their pain points and have built their products to address their needs. The company now feels it has reached a strong product-market fit and that it is ready to accelerate its growth.” BDC Capital’s investment is based on the company’s strategy and future value, rather than on specific assets. This type of investment product is especially well suited for technology-based businesses operating on a recurring revenue model, like Focus FS.
About Focus FS
Focus FS is about safer, smarter worksites. We bring digital technology into the heavy industrial sector to minimize risk and gain performance insight fostering an overall improved safety culture. Our cloud-based safety management suite digitizes the collection, reporting, and distribution of critical operations information about their workers and assets. Modules span Health and Safety, Material Management, Risk Management, Training, and Logistics. Visit focusfs.com
About BDC Capital
BDC Capital is the investment arm of BDC—Canada’s only bank devoted exclusively to entrepreneurs. With $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.