Montréal-based startup Maxa has raised $28.7 million CAD ($21 million USD) in Series A funding for its data automation and analytics platform for enterprise resource planning (ERP).
Co-founder and co-CEO Alexis Steinman told BetaKit there was a secondary capital component to the round but declined to disclose the breakdown.
The all-equity round was co-led by Framework Venture Partners and BDC Capital’s Industrial Innovation Venture Fund, with participation from third-time return backers AQC Capital and Graphite Ventures. The round also saw participation from new investors Snowflake Ventures, Amiral Ventures, and NAventures, the venture arm of National Bank of Canada.
Maxa said the new funding will fuel its product development, go-to-market, and customer self-serve capabilities. Alexis Steinman told BetaKit that Maxa had raised around $5 million prior to this round, and that Framework partner Jim Texier and a representative from BDC Capital gained seats on Maxa’s board of directors as a result of the round.
“Every enterprise is scrambling to implement AI, find cost savings and develop better insights to run their businesses more effectively and efficiently,” Texier said in a statement. “Maxa is a truly rare company that checks all those boxes.”
RELATED: Maxa raises $2.9 million CAD to help businesses automate resource planning
The startup was founded in 2019 by Alexis and his co-CEO brother Raphael Steinman to provide a platform that automates financial, ERP, and operational reporting and analysis. ERP refers to software-as-a-service (SaaS) solutions that assist in managing accounting, procurement, project management, and supply chain operations. Maxa counts Bell and AJW, a services provider for aviation, among its customers.
Maxa raised a $2.9-million CAD ($2.3 million USD) seed round in June 2022, which it intended to use on to develop its product and grow its North American go-to-market team by hiring Canadian and US sales staff. Maxa has more than tripled its revenue and doubled its staff since then, according to Alexis Steinman, bringing its headcount to around 50 people across Canada and the US.
Maxa was also named the winner of the 2024 Data Drivers Awards as the most innovative data-driven application on global cloud data platform Snowflake. Alexis said bringing Maxa onto Snowflake’s Native Apps marketplace was a “game changer,” allowing Maxa to wrap its software into an application installed in a customer’s Snowflake account.
Featured image courtesy of Maxa.