TIMIA Capital Corporation (TSX-V: TCA) has committed to invest up to $2 million in Wagepoint Inc., an investee company of Extreme Venture Partners, BDC Capital.
In December 2014, Wagepoint raised US $2 million in seed funding from Extreme Venture Partners, BDC Capital, Atlantic Canada Opportunities Agencies (ACOA), and Canadian and US angel investors.
TIMIA financing facility is for $2 million, with a first disbursement of $750,000 and a further $1,250,000 to be disbursed upon certain milestones being met over the next 24 months.
Wagepoint’s payroll automation solution helps over 4,000 small businesses across Canada and the United States pay their employees – all with one easy cloud-based format. Wagepoint has recently launched a partnership with Intuit Canada where an Intuit-branded version of Wagepoint is now embedded inside Quickbooks Online.
TIMIA has completed 4 new deals in 2017, with 3 of these deals closing in the last 2 months. This most recent investment brings the total number of active investments in the TIMIA portfolio to 7 and the disbursed $ value of active investments to $7.8 Million.
“Wagepoint is an exciting addition to the TIMIA portfolio,” commented Mike Walkinshaw, CEO of TIMIA. “We look forward to working with them as they grow their business.”
Vancouver based TIMIA Capital Corporation is a specialty finance company that provides revenue financing to technology companies in exchange for payments tied to revenue and bonus payments upon exiting the investments. The alternative financing option complements both debt and equity financing while allowing entrepreneurs to retain a greater share of their business. TIMIA’s target market is the fast-growing business-to-business software-as-a-service (SaaS) segment. TIMIA is managed by a seasoned investment team with a track record of originating and managing debt and equity investments, as well as monitoring, compliance, and workouts.
photo credit: Wagepoint
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