ProcedureFlow, a Saint John, New Brunswick-based SaaS provider, has secured $11.8 million in an investment round led by the Canadian Business Growth Fund.
Over the last four years, ProcedureFlow claims that it has grown its user base by 600 percent.
The financing also received contributions from new investor Sandpiper Ventures, along with current investors Build Ventures, BDC Capital’s Women in Technology Venture Fund, Innovatia, New Brunswick Innovation Foundation (NBIF), and ProcedureFlow employees.
Founded in 2012, ProcedureFlow’s platform allows users to create, organize, update, share, and track procedures for easier end-to-end management. The company claims that by using its software, employees are able to access the information they need in a consumable, visual, and easily updatable format.
Over the last four years, ProcedureFlow claims that it has grown its user base by 600 percent, with customers across a variety of industries including banking, financial services, insurance, healthcare, telecommunications, utilities, and government 311 centres.
Some of ProcedureFlow’s clients are Blue Cross, Bulletproof, Wyndham Hotels & Resorts, Liberty Utilities, Nova Scotia Power, Énergie NB Power, and Urology San Antonio.
ProcedureFlow is led by CEO Daniella Degrace, who has around 25 years of experience in tech. In the past, she served as the vice president of customer solutions delivery at Q1 Labs, which was acquired by IBM in 2012. Degrace has also previously held leadership roles in iMagicTV (acquired by Alcatel) and Radian6 (acquired by Salesforce).
Now with ProcedureFlow, Degrace calls the company “the future of enterprise knowledge management.”
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Degrace told Entrevestor that ProcedureFlow’s team comprises 52 people, with around 80 percent of them based in Atlantic Canada. She said that she expects to continue focusing on hiring within that region because her connections and track record with the local businesses are assets in the talent-search and recruitment process.
This latest addition of capital, according to ProcedureFlow, will help in its goal to “revolutionize procedural knowledge management across the globe.”
ProcedureFlow previously raised $1.5 million in 2015, and secured $2.9 million in 2019. The company was also selected to join the 2017 winter cohort of L-SPARK’s accelerator program and received the Innovation Award from Startup Canada in 2018.