KANATA, ONTARIO--(Marketwired - April 16, 2013) - Fusebill, a leading provider of automated, flexible and affordable subscription billing and payment solutions, is announcing a $2 million investment led by OMERS Ventures, the venture capital investment arm of OMERS, one of Canada's largest pension plans. Covington Capital Corp., one of Canada's largest providers of venture capital investment funds, also participated in the investment.
This financing will provide Fusebill with the necessary capital to execute its strategy, and position itself as a significant player in the growing small-to-mid market SaaS billing and analytics space.
"Fusebill provides our customers a simple way to manage the complexities of subscription billing and invoicing. We are thrilled with the support of OMERS Ventures and Covington Capital - the investment provides us the resources to continue our rapid expansion," says Steve Adams, CEO of Fusebill.
Fusebill's online software automates invoicing, billing and collections of subscription and recurring revenue for small and medium businesses. With the increasing adoption of SaaS and mobile technologies within the enterprise, many businesses are turning toward subscription-based business models hosted in the cloud. As this shift occurs, billing services will become core to the online operations of these organizations. Fusebill typically replaces manual processes and homegrown systems, and helps clients manage the customer lifecycle: selling new products and add-ons, renewals and upgrades and targeted offers based on individual customer characteristics.
"Fusebill fills a big gap for small and medium-sized businesses that in the past haven't been able to access or afford this kind of technology. This, combined with a very experienced management team which has achieved great success together in the past, makes Fusebill a very compelling investment for OMERS Ventures," says Derek Smyth, Managing Director of OMERS Ventures.
"We expect our customer base, which includes Silanis, Conceptshare and Nuvio, to grow significantly over the next two years as subscription business models become more prevalent," says Fusebill's Adams. Leading IT research firm Gartner expects that, by 2015, more than 40% of companies selling media and digital products will rely entirely on subscription management systems to manage their customer lifecycle.
"Fusebill is positioned to be a market leading recurring billing platform for the small-to-medium market. We are excited to partner with Fusebill's complementary management team and OMERS Ventures in building this business," says Matt Hall, SVP Investments of Covington Capital.
Fusebill (Twitter: @fusebill) automates invoicing, billing and collections for subscription based companies. Ideal for both B2B and B2C businesses, our customers span many industry sectors, including software as a service, digital media, and communications. Our customers rely on Fusebill to reduce their costs, speed their cash collections, and extend their customer lifecycles. You can learn more and visit Fusebill at www.fusebill.com.
About OMERS Ventures
OMERS Ventures (Twitter: @OMERSVentures) is the venture capital investment arm of OMERS, one of Canada's largest pension funds with almost $61 billion in net assets. It is an initiative of OMERS Strategic Investments (OSI), an investment entity with a mandate to build long-term strategic relationships with like-minded partners. As both an institutional angel investor and a later-stage investor, OMERS Ventures is looking for successful companies with significant growth potential and market opportunities. We are seeking like-minded partners with a shared vision of building a vibrant and successful knowledge economy. For more information please visit http://www.omersventures.com/.
About Covington Group of Funds
Established in 1994, Covington Capital Corporation is one of Canada's largest providers of venture capital investment funds. Managing close to $400 million in assets, Covington provides Canadians with the ability to access venture capital investment opportunities via their suite of retail venture capital product offerings. www.covingtonfunds.com.