TIMIA Capital Corporation (TSX-V: TCA) has closed its fifth revenue financing deal into Beanworks Solutions Inc.
The 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 to empower teams to succeed. From purchase order to electronic payment, Beanworks integrates with multiple accounting software platforms to make accounts payable simple and delightful. Beanworks recently announced a major partnership with Sage, the market leader for integrated accounting, payroll, and payment systems.
Vancouver based Beanworks Solutions was co-founded in 2012 by Catherine Dahl (CEO), Reza Sanaie (Director of Engineering ), Tracy Thompson (VP of Client Success), and Cory Cleaver (Creative Director).
TIMIA recently disclosed total first quarter revenue financing payments received of $235,000, a quarter over quarter increase of 11.3%. TIMIA expects continued growth in revenue financing payments received based upon both the revenue growth of the existing investments as well as the addition of Beanworks to the portfolio.
“TIMIA continues to execute on its plan of making focused investments into software companies with strong customer retention and substantial year over year growth rates,” said Mike Walkinshaw, CEO of TIMIA. “We look forward to continued growth through the year.”
Vancouver based TIMIA Capital Corporation is a specialty finance company that provides revenue financing to technology companies in exchange for a royalty stream on revenue. The alternative financing option complements both debt and equity financing, while allowing entrepreneurs to retain control of their business. TIMIA’s target market is the fast-growing business-to-business software-as-a-service (SaaS) segment.