Vancouver-based BasicGov announced it will be receiving a $2 million investment over three years from TIMIA Capital.
“The team has done a great job of building a much needed, efficient, and focused government solution.”
-Greg Smith, CIO of TIMIA
BasicGov enables governments to transform how they conduct business. The company has developed a cloud-based operations management platform that allows states and municipal governments in Canada and the US to manage licensing regulation, land management, and community development operations.
Specifically, governments can automate and streamline operating costs using BasicGov’s different cloud-based solutions such as a “Letters Engine,” a document generation tool that provides physical correspondence require in a licensing solution, or the “Dynamics Rules Engine,” which provides process automation in a user-friendly format.
BasicGov currently provides critical operations for the Region of Peel, Orange County, New York City, and multiple US states. Its Canadian customers include the Vancouver Fraser Port Authority, a crown corporation responsible for the Port of Vancouver.
“The team at TIMIA offered a solution that was the right fit for us,” said Mike Togyi, CEO of BasicGov. “Finding flexible and non-dilutive financing solutions to help us to continue our 40 percent growth is not easy in the software as a service or SaaS sector. We look forward to partnering with TIMIA through the course of our financing facility with them.”
TIMIA is a Vancouver-based firm providing revenue financing to SaaS companies in exchange for payments based on revenue. It’s portfolio currently consists of 17 companies including, Wagepoint, Vancouver-based Finhaven and, Toronto-based Parkbench.
“We’re providing flexible growth capital and supporting the team at BasicGov to help accelerate their revenue growth,” said Greg Smith, CIO of TIMIA. “The team has done a great job of building a much needed, efficient, and focused government solution built on the Salesforce.com platform. It is an honor that BasicGov chose TIMIA to support them on their path to increasing annual recurring revenue.”
Image courtesy BasicGov