Vancouver-based clinic management platform Jane Software is going to be valued at $1.8 billion as part of a $500-million secondary financing round set to close this week, according to The Globe and Mail.
The secondary round will see a trio of American firms buy stakes in the company from existing shareholders, reportedly led by Silicon Valley private equity firm Technology Crossover Ventures (TCV), with participation from JMI Equity and Tidemark Management Company. BetaKit reached out to Jane Software for comment but did not hear back by press time.
Jane Software was launched as a “side hustle” by co-founders Alison Taylor and Trevor Johnston in 2014, originally developed to help Taylor manage her own clinic. It became a full-time job when they began offering its integrated platform for online appointments, scheduling, and billing to partner health clinics. Taylor revealed their one-time side hustle achieved $100 million in annual recurring revenue at the BetaKit Town Hall: Vancouver this past October.
Jane is an outlier in the Canadian tech space, operating as a mostly self-funded company despite its size, only externally raising less than $10 million, per The Globe and Mail. This isn’t the first time Jane has held a secondary round, either. JMI previously purchased more than $100 million in shares at a valuation eclipsing $600 million in 2021.
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Large secondary rounds have been a lifeline for later stage companies like Wealthsimple, Plusgrade, and StackAdapt to generate liquidity for investors amid the cool exit market over the past year. Chief among those companies is Clio, which raised a “substantially secondary” $900-million USD ($1.24-billion CAD ) Series F round at a $3-billion USD ($4-billion CAD) pre-money valuation last July.
“You don’t need to sell,” Clio CEO Jack Newton said at BetaKit Town Hall: Vancouver in October, adding that founders can look at the private markets as a way of “letting your existing investors punch out.”
Taylor credited Clio and Newton at the BetaKit Town Hall for building up the ecosystem in the Vancouver area by providing advice and drawing in potential business partners.
Photos courtesy Eric Ennis from Renovo Agency for BetaKit.