Investor relations software company Irwin announced the closing of a $25 million CAD ($20 million USD) Series A financing round on Wednesday to support the growth of its global team and operations.
This round was led by K1 Investment Management, an investment firm dedicated to high-growth enterprise software companies. Irwin did not disclose the other investors in the round.
The funding comes as the company claims a surge in product demand during the COVID-19 pandemic.
Irwin was launched in March 2017 and is headquartered in Toronto. Its software monitors buying and selling activity within any shareholder base and connects capital seekers with potential investors. Global public companies, consultants and advisors, as well as investment banks are some of Irwin’s consumers.
The company has raised around $21.5 million USD to date. Irwin secured $1.5 million for its seed funding in 2019 led by MaRS Investor Accelerator Fund, a seed stage investor in Ontario focused on IT, health and cleantech companies, and Blindspot Inc., an investment firm that supports technology-based solutions.
The seed funding aided in the development of Irwin’s engineering, product, research and support teams.
Irwin co-founder and COO Mark Fasken noted the startup plans to use its Series A capital to “adjust and build new features” as well as help the company increase the rate in which it responds to client feedback.
The funding comes as the company claims a surge in product demand amid regulatory changes in the industry and the COVID-19 pandemic. According to the startup, the pandemic accelerated uptake in digital technologies. It put pressure on issuers to access, identify and manage investor outreach themselves digitally as many office spaces transitioned to remote work.
The Ontario government ordered a mandatory closure of all non-essential workplaces on March 23, 2020 and enacted a stay-at-home order in April 2021. Businesses that can continue their operations online were given 36 hours to adapt.
In June 2021, Irwin announced a partnership with digital communications company Investis Digital to provide clients with resources to develop their digital platforms with websites, virtual events, and online campaigns.
Irwin’s campaign to modernize investor relations comes with a refreshed logo, icon and a revamped website announced in August. As part of its strategy, Irwin also launched Irwin Mobile App, a mobile version of its desktop application. The app is available on all iOS and Android devices where users can manage investor activities, create contacts and browse Irwin’s global investor database.
It also integrated FactSet’s financial research and data directly into Irwin’s platform to develop “Research, Estimates, and Transcripts,” a new feature that allows users to gain expert insights about the investment community.