Data, especially big data, can be complicated. Many moving parts and several variables come into play that help you understand the bigger picture of your business, but putting it together can be time consuming and frustrating. Ottawa-based Klipfolio wants to solve this issue.
According to a report in the Ottawa Citizen, Klipfolio, previously known as Serence, has raised $1.7 million from BDC Venture Capital IT Fund, Mistral Venture Partners, Ottawa’s FundFire, Acadia Woods and BOLDstart Ventures out of New York, and CommonAngels Ventures from Boston.
What started off as a team of two, Co-founders Allan Wille and Peter Matthews, has now grown to 15 with plans to hire another 5 in the next few weeks. Klipfolio has 1,000 customers paying on a subscription model and yearly revenues are somewhere between $1 million to $2 million.
Wille says that the reason they decided to do the investment round is because their “product began flying off the shelf.” With the new hires the company is looking to keep up with demand and do more marketing and product development.