Halifax’s Proposify receives $5 million to help growth of proposal creation solution

Halifax-based Proposify received a round of Series A funding worth $5 million CAD from the Canadian Business Growth Fund (CBGF) and Innovacorp.

The new round, announced September 15, brings CBGF and Innovacorp’s investment in the online proposal solution firm to $13 million over the last year.

The new round brings CBGF and Innovacorp’s investment in Proposify to $13 million over the last year.

The funding will help fuel Proposify’s growth globally, supporting investments in product development, and sales and marketing. This most recent round closed in June. The company currently has about 100 people.

The rounds have been structured as tranche, which is a form of investment designed to ensure companies meet certain milestones. The first tranche closed in May 2020.

Proposify’s SaaS solution creates sales documents, and provides insights into such things as when buyers have reviewed the proposal or which section they spent the most time reading.

The company claims to have over 10,000 paying customers in nearly 40 countries, and says its new free software is attracting new users globally.

Co-founder and CEO Kyle Racki and co-founder and board member Kevin Springer worked for years on proposals and figured a better way existed to create and share them.

In 2007, Racki had the idea to develop a SaaS product in the hopes it would cut down on the time and stress sales teams face in producing good proposals in a timely manner. In 2013, Racki and Springer sold their web design agency to concentrate on Proposify.

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In 2019, Proposify developed Proposify for Salesforce, a proposal editor inside the Salesforce CRM, enabling the creation, editing and sending of sales documents.

Previously, the company received $250,000 in seed funding from Innovacorp in May 2014. In 2018, Clearwater Seafood co-founder John Risley, and chairman of the Columbus Capital Corporation Brenden Paddick led a $3 million round of seed funding with Innovacorp participating.

“In the last few years, more businesses have recognized that sales enablement is a smart investment in their success. Using Proposify, sales teams get control and visibility over their deals that can increase their close rates by 111 percent,” said Racki. “The ROI is crystal clear.”

Andrew Ray, managing director of the Nova Scotia First Fund for Innovacorp, said: “This Nova Scotia-based company has carved out a strong niche in the SaaS proposal market and is on track for more growth and expansion around the world in the coming months and years.”

Feature image from Proposify via Twitter

Charles Mandel

Charles Mandel

Charles Mandel's reporting and writing on technology has appeared in Wired.com, Canadian Business, Report on Business Magazine, Canada's National Observer, The Globe and Mail, and the National Post, among many others. He lives off-grid in Nova Scotia.